The PSNI has launched a criminal investigation regarding concerns over the sale of NAMA's Northern Ireland property portfolio and the recent claims made by Independent TD Mick Wallace under Dáil privilege.

Last year a US Investment company, Cerberus Capital Management, bought a NAMA portfolio of Northern Ireland-based debtors.

During Leaders' Questions in the Dáil on 2 July, Mr Wallace made a number of serious allegations about the deal, which he said was called Project Eagle.

Mr Wallace claimed a routine audit showed £7m in funding ended up in an Isle of Man account.

He said the money was "reportedly earmarked for a Northern Ireland politician". 

Assistant Chief Constable Will Kerr, who is head of crime operations at the PSNI, said: "We believe that there is sufficient concern in relation to potential criminal activity, surrounding this property deal, to instigate an investigation.

"PSNI are now engaging with a number of other national and international law enforcement partners to consider how best to take forward this investigation" he said.

Stormont's finance committee and the Dáil’s Public Accounts Committee are also examining Mr Wallace's allegations about the project eagle deal.