Two men have been arrested after cars, watches and over €50,000 in cash were seized following a search operation carried out by the Criminal Assets Bureau in Newbridge, Co Kildare.

Gardaí described the operation as a "significant development" in the ongoing criminal and proceeds of crime investigations being conducted by the CAB and Tallaght District Detective Unit.

Around 50 CAB officers conducted the searches, assisted by gardaí from a number of different divisions.

Eight homes were searched, along with two business addresses.

Gardaí said assets, including properties, that were accumulated by an organised crime gang were targeted.

The items seized included eight Rolex watches, two Chanel bags, a Canada Goose jacket, three 201 Ford Focus cars, a 202 Ford Transit, a 202 Citroen Berlingo, a 191 Volkswagen Golf and €51,000 in cash.

Two men, aged 19 and 40, were arrested and are being held at Tallaght Garda Station.

The searches formed part of an ongoing investigation and, to date, the operation has identified and restrained 17 bank accounts, containing funds totalling €495,000.