Two men are facing charges after police seized 500 kilograms of cocaine on a yacht in the Solomon Islands.
The men were arrested in Sydney on Thursday, with police alleging the pair were involved in planning to import the drugs into Australia.
At the same time, authorities searched the sailing yacht Viex Malin off Honiara, where they uncovered the massive cocaine stash.
It is alleged the cocaine was loaded in South America and intended to be imported to Australia.
The AFP said the drugs were professionally concealed in the vessel.
Officers conducted simultaneous raids in Wahroonga, Bonnyrigg Heights, Dolls Point and Caringbah.
Further forensic examination is needed to determine the purity of the drugs.
A 41-year-old Wahroonga man has been charged with conspiracy to import a commercial quantity of illicit drugs and dealing with money which is an instrument of crime valued at greater than $50,000.
A 39-year-old Bonnyrigg Heights man is alleged to have facilitated the related money transfers.
The men appeared in the Sydney Central Local Court on Friday and both were refused bail.
The joint international investigation included the Australian Federal Police, Royal Solomon Islands Police Force, the United States Drug Enforcement Administration and Australian Border Force.
