The Australian Federal Police (AFP) is seeking information from members of the public after 534 kg of cocaine was found hidden inside a shipping container in Sydney earlier this week.
Australian Border Force (ABF) officers examined the consignment, which was bound for Victoria, and identified a significant number of suspicious packages inside the container.
ABF officers inspected the consignment and located 14 duffel bags concealed under a tarp inside the shipping container. Inside each bag was between 30 to 40 blocks of cocaine, each weighing one kg.
The matter was referred to the AFP, with officers seizing the drugs for further examination.
The AFP said this amount of cocaine has an estimated street value of $400.5 million and could have equated to 267,000 street level deals, had it reached the community.
The container was shipped from Texas, via Panama, before it arrived in Port Botany, with the consignment bound for delivery to an address in Melbourne.
Inquiries are underway to identify the criminal syndicate responsible for the importation and its intended recipients.
Anyone with information that may assist this investigation is urged to contact Crime Stoppers on 1800 333 000 or by submitting an anonymous tip online through the Crime Stoppers website.