Australian Federal Police say they have seized up to $500 million worth of drugs that had been smuggled into Sydney by a major Hong-Kong based syndicate.
The ice and heroin weighing more than half a tonne have been seized during a major joint operation with the Australian Customs and Border Protection Service.
It is the largest seizure of ice and the third biggest seizure of heroin in the AFP's history.
AFP Deputy Commissioner Andrew Colvin says the drugs were seized in eight raids across Sydney last night.
"This seizure included an AFP record 306 kilograms of ice and 252 kilograms of heroin," he said.
"It has prevented up to half a billion dollars of drugs reaching Australian streets. Countless lives would have been affected had this seizure made its way to Australian streets."
The drugs had been concealed in pots.
Deputy Commissioner Colvin says the raid were the culmination of an 11-month investigation, prompted by information by the US Drug Enforcement Administration.
Seven people have been charged with various drug importation offences and are being kept in custody to face court today.
Police say all are Hong Kong nationals and three of them had been living in Australia.
The agencies are planning to release more details of the investigation later this morning.
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