A MAJOR international crime syndicate has been smashed with the seizure of 42kg of drugs and the arrests of 26 people, police say.

Police said it had seized almost $10 million in assets, believed to be the proceeds of crime, as part of the operation.

Operation Volante targeted the importation and trafficking of large quantities of drugs into Australia.

Volante began in April last year.

The joint Victoria Police and Australian Federal Police operation also seized property worth $5 million, $600,000 in casino chips, jewellery, 99 designer handbags and wallets and a Lamborghini sports car.

This week alone, officers arrested a 49-year-old Tarneit man, a 48-year-old Balwyn man, a 58-year-old Box Hill man, a 46-year-old Macleod woman, a 37-year-old Clayton South man and a 21-year-old Sunshine North man.

Charges ranged from dealing in more than $100,000 proceeds of crime, trafficking commercial quantities of a border controlled drug, and importing a marketable quantity of a border controlled drug - the latter of which carries punishment of up to life in prison, police said.

Raids were launched in Sydney and Melbourne, including 37 properties raided across the state this week.

This week's raids between Wednesday and Friday saw police swoop on houses, shops, security boxes, warehouses and accountant offices.

David Sharpe, Australian Federal Police manager of serious and organised crime, said the operation will have a “significant impact”.

“The syndicate was targeted by law enforcement agencies across five countries,” Commander Sharpe said.

This operation will have a significant impact on the syndicate internationally and shows just how successful joint partnerships are in combating organised crime groups targeting Australia,” he added.

"It's personally quite satisfying when you see these people living this kind of lifestyle, but then you see them in tears when the handcuffs go on and their Lamborghini's on the back of a truck being towed away," he said.

Police have worked with agencies in China, Macau, Thailand, Malaysia, Vietnam, Myanmar and Hong Kong to target the syndicate.

Victoria Police Assistant Commissioner Stephen Fontana said the availability of the drug Ice had been increasing on the streets of Victoria.

“We know that Ice availability has been increasing on our streets,” he said.

“The dismantling of this organised crime syndicate, we expect, will dramatically effect that availability.”

Police said the arrests were for “key figures” in the syndicate but the investigation is continuing and more arrests are expected.

Originally published as Lambo seized in $10m drug raids