Gardaí have carried out searches of 10 properties in Dublin and Wicklow.
The operation, carried out by the Criminal Assets Bureau (CAB), was assisted by local gardaí, the Emergency Response Unit, Armed Support Unit, Garda Mounted Unit and the Special Crime Task Force.
Nine premises were searched in Dublin and one in Wicklow on Friday morning.
Some €28,500 and stg£700 cash has been seized - along with three cars: an Audi A4, a BMW X5 and a VW Passat.
Twenty watches were also seized including Rolex, Audemars Piguet, Tag Heuer Carrera and Luminor.
Image: Facebook/An Garda Síochána
These were recovered along with a small quantity of drugs suspected to be cocaine and cannabis resin.
Image: Facebook/An Garda Síochána
Gardaí say more than €20,000 has been frozen in financial institutions and investigating officers' also seized a Presidium Diamond testing kit - which is used to verify the quantity of gems.
Image: Facebook/An Garda Síochána
Documents and mobile phones have also been seized and will be examined.
No arrests have been made.
The investigation is in relation to criminal activity and organised crime in south Dublin.
