Gardaí have frozen two bank accounts containing over €260,000 in connection with two ongoing investigations by the Criminal Assets Bureau.

More than €150,000 was frozen in one of the accounts after gardaí were contacted by a US federal agency investigating a company involved in the illegal manufacture of drugs.

The agency had identified an Irish bank account that was being used to receive funds, as well as transmit them to an account in another country, as part of their investigation.

Gardaí say this investigation remains ongoing.

Separately, gardaí froze a second account containing €110,000, following on from a seizure in late October targeting an organised crime group.

Gardaí carried out searches at two residential properties and three professional properties in Dublin and Wicklow on 29 October, where a 201 Reg BMW car, as well as Rolex watches and designer clothes, were seized.

They have described today's operation as a "significant development" in the investigation into the assets of the group.