Two jet skis, four Rolex watches and five mini-mobile phones have been seized by the Criminal Assets Bureau.
Eight locations across Dublin and Wexford were raided as part of the operation on Thursday morning.
Detectives restrained €17,000 from a bank account, as well as discovering documents relating to properties purchased in Ireland.
A garda spokesman has described the operation as a "significant development" in an investigation into properties bought with crime money.
He said: "Searches were conducted at eight locations in the DMR South, DMR West and Wexford Divisions by the Criminal Assets Bureau assisted by local Drugs and Detective units along with Regional Armed Support Units.
"The following items of note were seized: Two jet skis, four Rolex Watches, documents relating to property purchased in Ireland and abroad and five miniature mobile phones.
"€17,000 has been restrained in a bank account pursuant to the Criminal Justice (Money Laundering and Terrorist Finance) Act, 2010.
"This morning’s search operation is a significant development in the context of an on-going investigation targeting property acquired with the proceeds of crime by an Organised Crime Gang involved in the sale and supply of controlled drugs."
The same investigation saw gardai in Tallaght seize around €100,000 in 2017.
