Portuguese Police Seize 2.6 Tonnes of Cocaine Worth €500 Million
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Quick Summary
Italian Guardia di Finanza, together with Spanish and Portuguese authorities, intercepted an ultra‑fast ocean‑going inflatable vessel off Portugal, seizing over 2.6 tonnes of cocaine worth approximately €500 million at street value. Four suspects from Spain, Gibraltar, and Albania were detained, wit
Police Seize Over 2.6 Tonnes of Cocaine Worth €500 Million off Portugal
Major Cocaine Bust in the Atlantic Ocean
ROME, July 27 (Reuters) – Police authorities have seized more than 2.6 tonnes of cocaine, with an estimated street value of €500 million ($570 million), in the Atlantic Ocean off the coast of Portugal, Italy’s border and customs police said on Monday.
Details of the Seizure
• The drug was found aboard an “ultra-fast ocean-going rigid inflatable boat”, which smugglers typically use to recover illicit cargoes dropped at sea by large ships arriving from South America, the Guardia di Finanza police said in a statement.
Arrests Made During the Operation
• Four people aboard the vessel were arrested – two Spaniards, a Gibraltar resident and an Albanian man living in Italy.
International Cooperation
• The operation was conducted in cooperation with Spanish and Portuguese authorities, with Italian prosecutors in the northern city of Brescia coordinating investigations.
Estimated Value and Impact
Wholesale and Retail Value
• “The wholesale value of the cocaine is estimated at approximately €78 million. Once delivered to their destination and diluted for retail distribution, the narcotics could have generated total revenues of around €500 million”, the statement said.
Currency Exchange Rate
($1 = 0.8772 euros)
Reporting Credits
(Reporting by Alvise Armellini, editing by Giulia Segreti)
