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An investigation under Strike Force Blaine was then launched which targeted drug supply and money laundering.
NSW Police, the AFP and Strike Force investigators monitored the boat as it travelled up the NSW coast.
As the boat travelled back to shore towards South West Rocks, the vessel was intercepted by the NSWPF Marine Area Command around nine nautical miles from the coast of Nambucca Heads at about 9.30am on Friday.
Two men, aged 24 and 26, were arrested and taken back to shore.
They were taken to Coffs Harbour Police Station and charged with supplying prohibited drug â large commercial quantity and participate in criminal group.
Police allege around 1110 blocks of cocaine, weighing 1.039 tonnes in total, were discovered on the boat.
The street value of the cocaine amounts to around $623.4 million, police said.
A further three men, aged 28, 29 and 36, were arrested on shore after police stopped two cars attempting to leave the South West Rocks area.
These three men were charged with taking part in supply prohibited drug â large commercial quantity and participate in criminal group.
All five men appeared at Parramatta Local Court yesterday and were formally refused bail.
An investigation into the origin of the drugs and the group’s alleged associates remains ongoing.
“Whether on land or sea, NSW Police have the investigative capability to disrupt and undermine criminal enterprise,” said NSW Police State Crime Commander, Acting Assistant Commissioner Jason Weinstein.
“This seizure shows how our continuous monitoring of known organised crime methodologies with our law enforcement partners, can be actioned into a successful multi-agency operation with those involved immediately arrested to prevent illicit drugs entering NSW.
“Our ability to pivot and protect the community is evident in this week’s actions. Make no mistake these drugs, if allowed to enter our communities, would have had devastating impacts on people’s lives and social cohesion, particularly in regional townships.”
