Limerick man who had €28k hidden in socks pleads guilty to money laundering offences

A LIMERICK man who was arrested during a major garda operation in Limerick has admitted laundering tens of thousands in crime cash.

At the Special Criminal Court this Monday, Dermot McManus, aged 53, of Keating Park, Killalee, Limerick, pleaded guilty to three charges relating to money laundering offences.  

On June 17, 2020, he handled sums of cash worth €28,550 and £11,795 knowing or believing or being reckless as to whether this was the proceeds of criminal conduct. 

Between January 1, 2018 and June 17, 2020, he handled or used money credited to an account in his own name at a credit union in Limerick, knowing or believing or being reckless as to whether it was the proceeds of criminal conduct. 

McManus also pleaded guilty to handling a white Mercedes Sprinter van on a date between June 2, 2020, and May 23, 2021.

The matter has been adjourned to October 16 next for sentencing, while a previous bail condition that McManus observe a curfew between 10pm and 7am has been lifted. 

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McManus’ partner, Terese Halpin (50), of the same address, was charged with possession of the same cash sums and allowing a bank account to be used for handling the proceeds of crime.  

Dominic McGinn SC, on behalf of the State, said that a nolle prosequi could be entered on these matters, and the charges against Ms Halpin were dropped.  

McManus’ arrest followed what gardaí described as a “significant development” in Operation Coronation, which targeted organised crime in County Limerick.  

Court told €28,000 in cash was found in socks during search of Limerick home

At a previous bail hearing for McManus, Detective Garda John Sheahan gave evidence that after a search warrant was obtained for Keating Park in June 2020, €28,550 was found in socks on top of a wardrobe while an amount of cash in sterling was discovered in a jacket pocket.  

Detective Garda Sheahan said McManus told gardaí he had bought the Mercedes Sprinter in Northern Ireland but that the accused's only regular income was a disability payment and that he had never filed a revenue return or paid income tax.

In September 2021, gardaí carried out 65 raids in the county as part of the same operation, involving soldiers, detectives, customs officers and over 300 local gardaí, with 12 people arrested.