The huge shipment of cocaine was discovered by Australian Border Force officers in Melbourne, before it was collected and taken to a home in Sunshine North, where police pounced on the men.
A 39-year-old Spotswood man, 26-year-old Reservoir man and a 66-year-old Greek foreign national were arrested during the raid on Tuesday.
Police also searched two homes in Spotswood and Reservoir, and two commercial premises in Toorak and Kingsville, seizing two Mercedes-Benzes, a Harley Davidson motorbike, luxury watches, jewellery, clothing, various drugs and cash.
The 39-year-old Spotswood man and 26-year-old Reservoir man were then charged with importing a commercial quantity of border-controlled drugs and attempted possession of a commercial quantity of border-controlled drugs.
They were remanded into police custody when they faced Melbourne Magistrates’ Court on Wednesday.
The Greek national was released pending further enquiries.
Police had been investigating the men involved for four months, believe they had been involved in previous border-controlled drug importations.
AFP Detective Inspector Mark McKiernan said the men charged were believed to be “significant” drug syndicate members, with the drugs likely to have been handed onto criminals associated with serious organised crime.
“We are sending a strong and clear message today to organised crime. We will not stop. We are coming after you,” he said.
Detective Inspector McKiernan said cocaine created a series of issues in the community.
“There is a perception by some in the community that cocaine is a safe drug,” McKiernan said.
“Let me be clear – it is not – and just as importantly, the transnational serious organised criminals who target Australia are also undermining our national security, economy and social security system.
“We also know drug trafficking can lead to drug wars in our streets and in source countries, and often law-abiding citizens can be the collateral damage to that violence.
“Illicit drug trafficking can also bankroll other abhorrent crimes, such as human trafficking and sexual servitude.”
Anyone with information about drug trafficking is urged to contact police.