A Queensland man is facing serious drug charges after police allegedly found 4.5 kilograms of cocaine and $240,000 cash during raids in Hobart.
The 54-year-old was arrested on Elizabeth Street in North Hobart yesterday afternoon after acting suspiciously, police said.
Officers allegedly discovered a large amount of cash and one kilogram of silver bullion in his possession during the arrest.
A subsequent search of accommodation linked to the man uncovered the cocaine haul and cash stash.
“The cocaine seized could potentially be broken into several thousand individual street deals,” police said in a statement.
“The drug is highly addictive and has the potential to do significant harm in the community.”
The man has been charged with trafficking a controlled substance as a major offence and dealing with proceeds of crime.
He was remanded in custody to appear before the Hobart Magistrates Court today.
