THE Law Society has confirmed it is investigating the conduct of a solicitor at the centre of a £7 million sum diverted to a secret Isle of Man bank account.

Ian Coulter was a managing partner in Belfast firm Tughans until he quit last January.

He has not renewed his certificate to practise and has refused to make any public comment on the scandal.

However, despite the allegations the PSNI says it is still not investigating say no complaint has been made .

This evening the Law Society called for any evidence about the sale of Nama’s Northern Ireland loan portfolio to be given to the police.

It said it would co-operate with any police inquiry.

The portfolio was bought last year by Cerberus Capital Management for £1.3bn in what was NI’s biggest property deal.

Claims were made in the Irish parliament last week that £7m had been “reportedly earmarked” for a Northern Ireland politician.

In a statement, the Law Society said it “calls for independent TD Mick Wallace or any other person with relevant information, to make available to the PSNI and Garda Siochana all information or evidence he has to substantiate the new and serious allegations made by him in the Dáil”.

The National Asset Management Agency (Nama) is the Republic of Ireland’s “bad bank”.

It was set up to deal with toxic property loans on the books of bailed-out banks, following the 2008 property crash.