Authorities have seized 700-kilograms of cocaine, with an estimated street value of $245-million, from a catamaran on Lake Macquarie.
The operation took part at Toronto at around 3pm yesterday afternoon, as part of a multi-agency investigation into international drug trafficking by sea.
Police say a search of the vessel uncovered a large commercial quantity of cocaine concealed in the hull.
A 68-year-old man was arrested on board the boat, while a 47-year-old was arrested at a hotel in Warners Bay and a 63-year-old was arrested at a home in Islington.
The men have been charged with import a commercial quantity of border controlled drugs.
They’ve been refused bail in Newcastle Local Court and are due to reappear on January 30.
Multiple search warrants were also conducted at Lake Macquarie, as well as in Western Australia and Thailand.
The investigation by NSW Police, the Australian Federal Police and the Australian Criminal Intelligence Commission began back in August.
They were also assisted by the Australian Border Force and the National Gendarmerie, Tahiti.
