More than £26m was stolen from the Northern Bank
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Police investigating the Northern Bank robbery have searched two houses and a scrapyard in County Tyrone.
The search operation took place near Beragh on Wednesday.
Sinn Fein MLA Barry McElduff said the searches centred on two homes. The West Tyrone assembly member said both familes were "shocked and upset".
The IRA has denied responsibility for last December's bank raid in Belfast, and Sinn Fein leaders have said they believe the denial.
Mr McElduff said a large number of police vehicles were involved in the operation.
"They have been searching for, according to this warrant that I have in my possession, vehicles associated with the Northern Bank robbery and notes stolen from the bank on 20 December 2004," he said.
Radar equipment
An area of land was dug up, and police used radar equipment to assist their search.
Police divers were brought in to search a duck pond.
A water main was damaged during the searches, police confirmed.
Sinn Fein said the families involved told them they had nothing to hide, and the party accused the police of timing the searches to coincide with the International Monitoring Commission's report on the robbery to be published on Thursday.
It is understood the search operation will continue on Thursday.