The owner of a helicopter and a red Ferrari which the Criminal Assets Bureau (Cab) claims were bought with the proceeds of crime avoided jail yesterday.

The Cab was in the High Court in Cork in relation to a case involving 29 years old Roger O’Grady , who has a number of addresses at Ballinphuill, Tibohine, Castlerea, Co Roscommon and Frenchpark, Co Roscommon as well as Co Cavan.

The High Court ruled that Roger O’Grady, who owned a helicopter and a red Ferrari, must hand over ownership of the vehicles and more than €26,000 to the Cab before the end of the month. The accused, who claims to be a car dealer, was arrested on Saturday in Roscommon in relation to contempt of High Court orders made in July and August.

The contempt relates to Mr O’Grady’s failure to hand over assets for which orders, under the Proceeds of Crime Act, have been made before the court by the Cab. These assets include a red Ferrari F355, a Robinson R22 helicopter and more than €26,000 in cash.

The Cab alleges that the assets were bought with the proceeds of crime.

The judge said he would give the accused an opportunity to hand over the outstanding assets to the Cab legal officer by November 22nd. Mr O’Grady gave an undertaking under oath that he would comply with the direction of the court. Mr Justice Feeney adjourned the case until November 26th.