At the High Court in Belfast yesterday the ARA was granted an Interim Receiving Order against Lisburn man Wai Keung (known as "Nicky") Cheung.

The agency claimed Mr Cheung, formerly resident at Margarita Plaza, Adelaide Street, Belfast, but now living at Moira Road, Lisburn, gained his assets through the proceeds of trafficking controlled drugs, multiple fraud offences and tax evasion.

Among the assets frozen were the proceeds of the sale of a number of apartments including a penthouse at Margarita Plaza.

The contents of 40 bank and credit card accounts, a Porsche Cayman 9 Coupe and BMW X3 were also seized.

In court the agency produced evidence that Mr Cheung has a criminal record, including two convictions for drug trafficking offences, and alleged that Mr Cheung had been involved in multiple fraud/tax evasion offences in building a substantial property portfolio in his name.

This is the third successful ARA action in two weeks.

Deputy director of operations, Charlie Dickin said: "This is another case that was referred to ARA by PSNI and our investigators have carried out a detailed examination of the affairs of Mr Cheung.

"The evidence that we have established to date has allowed us to present to the High Court a good arguable case that the assets identified are derived from the proceeds of crime. At our request the Court has now appointed an Interim Receiver who will preserve the assets, carry on the investigation, and prepare an independent report which we will use to take the case forward in the most appropriate way.

Chair of the Organised Crime Task Force (OCTF) Paul Goggins said: " Taking this money out of the control of those suspected of criminal activity means it can no longer be used to sponsor further criminality or to fund their lavish lifestyles.

"We are sending out a clear message to organised criminals that we are determined to take back any money or assets that are gained through drug dealing or any other criminal activity."