The 55-year-old, of Millbrook Court in Redcross, was convicted in February of stealing almost €18 million from six financial institutions.
The State has sought the help of the courts as it continues to investigate whether Michael Lynn still has assets bought with the millions he stole.
After being found guilty of stealing €17.9m by taking out multiple mortgages on the same properties during the property boom, Michael Lynn was jailed for 5.5 years.
After he was sentenced, the court heard an application would be made for the confiscation of assets pertaining to Lynn; and today, a lawyer for the State initiated that process before the courts.
Judge Martin Nolan was told there was an open question as to what way Lynn has benefited from the millions he stole.
Assets worth €3m have already been seized by authorities in Portugal, and the State has question marks over several other properties and bank accounts, which Lynn will be given an opportunity to account for, ahead of the next court hearing in July.
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