Two people were arrested and £75,000 was seized following early morning raids in Bolton.
Four properties were targeted across the borough at around 6am on Wednesday (December 1).
The warrants came following an investigation into organised criminal activity.
Searches of the homes led to the arrest of a 47-year-old man on suspicion of the possession of criminal property.
He remains in custody for questioning.
A 53-year-old woman was also arrested on suspicion of possession of a class A drug. She was later released under investigation.
Approximately £75,000 in cash, an Audi, phones, designer watches and designer clothing believed to be worth almost £10,000 were also seized.
The warrants were carried out by GMP’s Bolton district and the North West Regional Organised Crime Unit.
An investigation remains ongoing.
Detective Sergeant Paul Quinn, of GMP's Bolton Challenger Team said: "Today's action and subsequent arrests and seizures are a significant result for both GMP and NWROCU and clearly demonstrates the impact and effectiveness of partnership working between the two teams.
"Although one man remains in custody for questioning our investigation will remain ongoing as we analyse the items seized and continue with our enquiries over the coming days and weeks.
"I would urge anyone who may have information in relation to organised criminal activity to get in touch with police. Our investigations can often be aided by intelligence provided by the public so if you do have information that could assist us, please make contact."
Anyone with information should contact police on 101. Alternatively, details can be passed via the independent charity Crimestoppers on 0800 555 111.
