Nama probe: The PSNI is assisting the investigation by the UK's National Crime Agency

Two men have been arrested by the UK's National Crime Agency in a fraud investigation linked to the biggest property deal ever in Northern Ireland. 

Searches were carried out in Co Down in connection with the inquiry into the controversial £1.2 billion sale of assets and property owned by Ireland's "bad bank", the National Assets Management Agency (Nama), to US investment firm Cerberus. 

An NCA spokesman said: "Officers from the National Crime Agency have today carried out two arrests and related searches in the Co Down area in connection with a fraud investigation. 

"The operation is being assisted by the PSNI. 

"As the investigation is continuing we are unable to comment further." 

The investigation was sparked following the discovery of a £7 million offshore transfer to an Isle of Man bank account, which was controlled by a former managing partner of Belfast-based law firm Tughans. 

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Tughans, which was involved in the Nama transaction after being subcontracted by Cerberus's US lawyers Brown Rudnick, insisted it was not aware of the money movement. 

Nama is the so-called "bad bank" set up by the Irish Government at the height of the Republic's financial crisis to take property linked-loans off the books of bailed-out banks. 

A parliamentary committee at Stormont is carrying out a separate investigation into the Cerberus deal. 

All parties involved in the huge £1.2 billion transaction in 2014 have denied wrongdoing. 

Belfast Telegraph