More than 300kg of cocaine and 230kg of MDMA have been found in a shipment declared as shampoo that arrived in Sydney from Spain.
Police say the drugs have a combined street value of more than $140 million and were in a consignment that arrived on May 7.
Inside officers found 49 boxes containing bags of a brown crystalline substance and blocks of white powder.
The packages contained 312kg of cocaine worth $93.6 million on the street and 236kg of MDMA worth $47.2 million, police said.
Detectives searched storage facilities in Cromer, Brookvale, Chatswood, Artarmon, and Macquarie Park on Monday and seized items.
A 33-year-old man was arrested outside a Cromer storage unit and charged with two counts of possessing a prohibited drug. Police investigations are continuing.
