MORE THAN €1.8 million has been raised after gold bullion received as part of drug trafficking investigations was auctioned.

Around 18.8kgs of gold bullion was given to the Irish state as part of garda investigations into drug trafficking and money laundering, and efforts to disrupt organised crime in Ireland.

Various quantities of gold, offered in a selection of coins and bars, were sold over a series of online auctions that began last January.

In the first auction, €456,395 was raised; in the second auction, €500,430 was raised. The third auction raised €438,265 and the fourth saw €408,720 was raised.

The net proceeds of the auction will be returned to the Exchequer.

The auctions were open to the public and facilitated by Wilsons Auctions.

“Recovering and returning the proceeds of crime is a key part of disrupting organised criminal activity,” said Ken Holohan, a detective inspector based in the Dublin Metropolitan Region.

“This auction ensures that seized assets are processed transparently, with all funds ultimately going back to the State where they belong.”