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May 16, 2016, 8:05 AM UTC / Updated May 16, 2016, 11:39 AM UTC / Source : Reuters

BOGOTA, Colombia — Police confiscated 8.8 tons of cocaine along the border with Panama, Colombia's government said on Sunday.

With an estimated value of $240 million, the haul was discovered in an underground hideaway on a banana plantation in the municipality of Turbo, officials said. Three people were arrested in the operation.

More than eight tons of cocaine was seized in Turbo, Colombia, on Sunday. COLOMBIAN POLICE HO/AFP/Getty Images COLOMBIAN POLICE / AFP - Getty Images

"The biggest seizure of drugs in history. A hit against criminals," Colombian President Juan Manuel Santos said on Twitter.

Defense Minister Luis Carlos Villegas said the drugs belonged to the Clan Usuga crime gang. The United States has offered a $5 million reward for the capture of the gang's leader.

Colombia produces some 487 tons of cocaine annually, according to the United Nations. Colombian authorities seized 278 tons of the narcotic in 2015.