The investigated over IRA money laundry Irish businessmen have lodged two sums of money, GBP 58,000 and EUR 2,400, in bank accounts they opened during their visit to Bulgarian.

Local 24 Chasa reported that Ted Cunningham and former Government aide Phil Flynn have been accompanied by another two Irish citizens during their tip to Bulgaria.

The newspaper is also reporting that the group registered three companies, Alexander Finance, Bulgarian Property & Development and Addison.

According to the report the Irish group rented space in an office block in downtown Sofia.

Bulgaria's Financial Investigation Agency said it was also investigating the money laundering allegations, but dismissed reports that suggested the IRA was planning to buy a bank or set up its own financial institution.

Just a day earlier Bulgaria's Finance Ministry confirmed the meeting of Flynn with Deputy Finance Minister that Ilia Lingorski, who is in charge of foreign inward investment. The ministry insisted, however, that it was normal practice for him to meet with potential investors and said any discussions concerned only the "general business environment".

The IRA's "colossal" money laundering business has been unravelled after Irish security services spotted a Bulgarian arms dealer at a meeting in Ireland.

Police believe the Bulgarian bank would have been used to launder the estimated 30 million pounds a year the IRA receives from counterfeiting, robberies, extortion, racketeering and smuggling, the paper also reads.