It will be alleged the South America-linked people travelled from Spain to Sydney in May 2025 with the intention of selling 95kg of cocaine.
About 8.15pm on Wednesday, June 11, police executed a search warrant at a unit in North Rocks.
During a search of the unit, police located 10 bricks of a substance believed to be cocaine, $121,000 in cash as well as foreign currency, 14 mobile phones, numerous SIM cards, multiple bank cards, and documentation relating to foreign money and crypto transfers.
Further testing of the substance confirmed it was not cocaine.
However, police will allege the syndicate was selling it to other criminal groups for $90,000 a kilogram.
Police will allege that since May, the syndicate sold fake cocaine to four different networks across Sydney.
They will further allege that earlier in the year, the group was carrying out the same scheme in London.
Five people were arrested and taken to Parramatta Police Station, where two men, aged 61 and 27, were charged with commercial drug supply.
Three others were released pending further inquiries.
The two charged were refused bail and will appear in court today.
