The haul included more than 475,400 cigarettes, 624 kgs of loose-leaf tobacco, $80,000 in cash, six high-end watches worth $119,000.
The watches included a Breitling, Franck Mueller and four Rolex.
A 40-year-old man was arrested during the search is expected to be charged on summons with possession of a commercial amount of illegal tobacco and knowingly dealing with proceeds of a crime.
Victoria Police first launched an investigation in January after learning that an organised crime syndicate was allegedly conducting cash drops and collections at a food business in Somerton.
Detectives allege they were laundering money that was obtained through the sale of illegal tobacco products, and further alleged the owner of the business received a commission on each transaction.
Police also figured out that other transactions were taking place at a factory in Epping.
Police believe more than $83 million has been laundered since May 2021. 
In a separate investigation, investigators intercepted a truck in Laverton North yesterday, which contained over 4 million cigarettes worth an estimated $5 million.
Police allege a 34-year-old Campbellfield man was driving the truck.
A search of his property allegedly uncovered $100,000 cash.
Officers identified that the man had been at the business in Somerton that was allegedly linked to the money laundering operation.
They allege he has links to the organised crime syndicate involved in that investigation. 
He was charged on summons with possession of a commercial quantity of illicit tobacco and knowingly dealing with the proceeds of crime.
Both investigations are ongoing.
