Bust takes police haul to $50m

Three boats worth $235,000 were forefeighted to the police. Photo / Supplied

It was Big Wednesday in more ways than one this week as police seized luxurious homes, high-performance cars and cash in a drug bust that froze $14 million of alleged criminal assets.

The raids on Wednesday now mean police have restrained $50 million of cash and assets, with a further $10 million already forfeited, under the criminal proceeds recovery legislation.

Commissioner Peter Marshall says it has taken less than two years for the Asset Recovery Unit to reach the forfeiture milestone.

He said "every penny" of that $10 million is money that would have been reinvested in crime.

"This is effective and powerful crime prevention," Mr Marshall said.

Police released a breakdown of the forfeited assets and cash to the Weekend Herald.

The list includes a $150,000 launch from a man yet to stand trial for methamphetamine charges, $2.5 million cash from a suspected money laundering outfit and $250,000 of luxury cars from a sickness beneficiary man acquitted of drugs charges.

The most recent forfeiture was a $300,000 digger on Tuesday. A total of 39 cars ($827,000), 19 motorcycles ($201,000) and 12 homes ($3.5 million) have been surrendered.

On top of this week's $14 million Operation Ark seizures, which include a $400,000 Bentley and a $3 million property, restraining orders are held over an estimated $42.6 million of assets.

Among the valuables is an art collection, Harley-Davidson and Ducati motorcycles and a Lotus sports car worth $100,000.

Under the Criminal Proceeds (Recovery) Act, which came into force in December 2009, police can seize assets from suspected criminals without first securing a conviction.

The evidential threshold is lowered from "beyond reasonable doubt" to the "balance of probabilities" and the onus is on defendants to prove how assets were paid for.

Mr Marshall said he expected the rate of forfeiture would be even greater as time went on.

"We began in the first year with a trickle of cases, but the tap is well and truly turned on now. We will continue to improve our application of the legislation and ... target those who profit from criminal activity."

The assets are sold by the Official Assignee after being forfeited to the Crown, with some of the proceeds going to drug-enforcement agencies.

Mr Marshall said the advantages were not all about money. A Mongrel Mob gang pad in Dunedin "sold for well under the value of the mortgage on it ... [but that community] no longer has to live with a gang pad".