'Our largest drug seizure ever': ACT police seize $144m of cocaine

Australian authorities have found 384kg of cocaine with a street value of about $144 million concealed within an excavator.

ACT police seized about 384kg of cocaine in Bungendore yesterday and have arrested two men. Source: Supplied

Two men will remain behind bars, charged with importation offences, after 384kg of cocaine was found hidden in an excavator.

It is the biggest drug interception co-ordinated by ACT police.

The men were charged after a joint operation - involving NSW, federal and ACT officers along with those from Australian Border Force.

A statement from the law enforcement agencies on Monday said two Queanbeyan men aged 33 and 34 were arrested at a Bungendore business on Sunday.

About 384 kilograms of cocaine were found hidden in an excavator in Australia's capital. Source: ACT Policing

It followed a controlled delivery of the excavator which was intercepted by ABF in June and inspected, the statement said.

It's alleged the second-hand machine from South Africa concealed about 384kg of cocaine with a street value of about $144 million.

Adam Phillip Hunter and Timothy John Engstrom faced Queanbeyan Local Court on Monday charged with importing a commercial quantity of border-controlled drug and attempting to possess a border-controlled drug.

They remain in custody with bail not applied for and formally refused.

A brief is to be served to Queanbeyan Local Court for Hunter's matters by 9 September.

Engstrom is due to come before the court on the same date.