Police were involved on both sides of the border
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Three people arrested in a cross-border inquiry into organised crime in the south Armagh area have been released.
An Irish police spokesman said a file would be prepared for the DPP.
Six properties were raided in the joint operation by PSNI, garda and customs officers. Legal orders were served at businesses in Newry and Crossmaglen.
Twelve vehicles, up to 30,000 cigarettes, a large quantity of fuel and about £200,000 in sterling and euro notes were taken away for examination.
Police would not confirm whether the operation was targeting paramilitaries.
'Intelligence-led'
The first raid was carried out at about 0600 GMT on a farm which lies on a lane which straddles the border, and is associated with a well-known south Armagh republican.
Chief Superintendent Bobby Hunniford said the operation was part of an intelligence-led investigation into organised crime.
"Organised crime merely puts profits into the hands of criminals and undermines legitimate businesses in the areas," he added.
PSNI officers conducted searches in south Armagh
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Hundreds of officers were involved in the operation on both sides of the border.
Irish police said they were carrying out a search operation in County Louth, on the southern side of the border.
It is part of an investigation into organised crime, money laundering and fuel laundering.
The PSNI said they were conducting a number of searches in connection with organised crime in south Armagh.
Those arrested are two men - one aged in his early-50s and one in his mid-60s - and a woman aged in her early-50s were arrested in the north Louth area.
They were detained at Drogheda and Kells Garda Stations before being released.