A Malta court has granted bail to a man charged in a suspected money laundering network linked to assets worth more than €57.8 million. Nasr Edin Jeray, 53, a Libyan national from Żurrieq, was released on Thursday after pleading not guilty to charges including money laundering and involvement in a criminal organisation. Jeray was arraigned on counts of laundering property and conducting banking and financial services without the necessary licences. Prosecutors also alleged criminal association and participation in a criminal organisation. Court heard Jeray was identified during a financial investigation into another person, which led to a wider probe running for several years. Investigators sought his arrest, and he was apprehended in Żurrieq. Prosecutors said Jeray allegedly converted, transferred, concealed, acquired or retained property he knew or suspected came from criminal activity. The charges also alleged he carried out banking operations and activities in or from Malta without authorisation. During the court hearing, prosecutors requested a freezing and seizure order over substantial assets linked to the accused. The court ordered the freeze, covering €57,812,396.08 and $132,900, described as equivalent to about €118,210. The order also included a Lithuanian Revolut account and four vehicles, including three BMWs and a Toyota Yaris. After prosecutors opposed bail citing the seriousness of the allegations, the defence argued Jeray has lived in Malta for many years and has strong ties there, including family members in the country. The defence also pointed to only one key witness in the proceedings. The court granted bail under strict conditions, ordering a €20,000 deposit and a €100,000 personal guarantee.