At approximately 6.30am this morning, as part of ongoing investigations targeting organised crime, Garda intercepted a van on the M7 in the Kildare area.
During a search of the van, the cash was found and seized and a man in his 40s was arrested on suspicion of involvement in the activities of a criminal organisation.
A number of follow-up searches were undertaken in the midlands, resulting in the seizure of an additional sum of cash estimated to be approximately €10,000.
Speaking today Assistant Commissioner John O’Driscoll said: “An Garda Síochána continues to pursue organised crime groups who are believed to involved in supplying illicit drugs within our communities, the motivation for which is financial gain.
“We again today have made a significant advance in our attempt to dismantle organised crime groups, by locating and seizing the suspected proceeds of their criminal activity.
“Despite our significant commitment to tackling issues associated with the Covid-19 pandemic, at this time, An Garda Síochána remains focused on protecting communities from serious and organised crime, including cyber enabled crime, drug trafficking and associated money laundering.”
The man is currently being held at Portlaoise Garda Station and investigations are ongoing.