Gardai have confirmed dozens of seized “Rolex” watches thought to be worth €30,000 each are in fact worthless fakes.
The Criminal Assets Bureau took possession of dozens of the timepieces in raids on organised crime thugs across the country.
But now the Irish Mirror can reveal investigators have examined the watches and found they are fakes.
A source said: “The gangsters love their bling – there are plenty of young lads involved in these gangs sporting supposed Rolexes.
“The thing is the vast majority of them are counterfeit – they don’t have the paperwork and haven’t gone through the process of buying the watches. They are getting cheap knock-offs and passing them off as real so they can fit in with the senior players in the gangs.”
The items were seized as proceeds of crime along with cars, houses and, in one instance, a racehorse.
Real Rolex-buyers will obtain documents proving the watches are real and come with a five-year guarantee. But many of the criminals do not have that paperwork.
A source said: “These watches normally cost upwards of €30,000 but it is thought a lot of the fakes are worth about €70.
“There are a number of dealerships in Ireland but some of these criminals claim to have bought the watches abroad. Either way, the thugs concerned are either being duped by people giving them watches or, more likely, faking it.”
The CAB are instrumental in striking at the assets of Kinahan associates in Ireland.
During High Court hearings it was determined the Kinahan empire is a €1billion operation.
Multiple gang members have been hit in the wake of the tit-for-tat murder campaign as the State took on gangs involved in the Hutch/Kinahan feud.
Meanwhile, 115 cars were seized by CAB in raids against a massive money-laundering operation in Co Limerick.
Orders can be made by the High Court for property to be auctioned off and the cash put back into the Exchequer.
