Anglo Irish Bank has alleged that the Quinn family engaged in an orchestrated attack to put assets beyond the reach of the courts and the bank.
It is understood that the claim was made in a court in Cyprus as part of an ongoing battle between the bank and the family.
It said the family sold assets worth almost $200m to people related to the family in return for a laptop computer and €1,000.
A source close to Quinn family said the allegations were spurious and were another attempt on behalf of the bank to to blacken the name of Sean Quinn and his family.
The source said no court had made a finding of impropriety against the Quinn family.
The Quinn source pointed out the issue had arisen in court as part of an attempt by Anglo to have an injunction lifted that prevented the bank from involvment from certain Quinn companies.
Anglo Irish Bank lent the Quinn Group €2.8bn.
The ultimate shareholders of the group are Mr Quinn's wife Patricia their five adult children Aoife, Collette, Brenda, Sean Jnr and Ciara.
The company is unable to pay the debts.
The bank has been trying to seize valuable international Quinn properties.
Today in a court in Cyprus, Anglo alleged that members of the Quinn family engaged in transactions to sell assets to people connected with the family for far less than they were worth.
In an affidavit, Anglo said Quinn children engaged in "transferring, for approximately €1,000 the assets of Finansstroy worth $180m to Peter Quinn, their first cousin, and the assets of Red Sector worth approximately $13.5m to Aoife Quinn's husband (Stephen Kelly) for a laptop computer."
Both companies have significant properties in Russia.
The bank's head of corporate projects Richard Woodhouse said these action were intended to put assets beyond the reach of the Courts and Anglo.
This evening a source close to the Quinn family said: "Any suggestion of criminality against Sean Quinn or his family is baseless and hardly deserving of comment. No court had been asked to make such a finding."
The source added: "Such spurious allegations will be seen for what they really are; yet another attempt, on the part of Anglo, to blacken the name of Sean Quinn and his family."