GARDAÍ SAID THEY have arrested a man in relation to the theft of 116 bikes worth €250k. 

At around 6.30am this morning, officers attached to the Street Crime Unit and the District Detective Unit at Pearse Street conducted a search of a home in Drumgola Wood, Cavan Town.

Late last year, gardaí raided a container in the Newcastle area of west Dublin. There they discovered 116 bikes, many valued at over €1,500. 

Today, a large amount of financial documentation was recovered in addition to €7,000 in cash and memory sticks containing photographs of suspected stolen property, including bicycles.

Following further enquiries into the financial documentation, a total of €122,500 was frozen in various bank accounts and a further €6,000 in cash was located in a follow-up search of the house.

A garda spokesman said: “A man in his 40s was arrested at the scene and he is currently detained at Pearse Street Garda Station under Section 4 of the Criminal Justice Act, 1984. Investigations are ongoing.”