Four arrested after €500m cocaine haul intercepted off Lisbon

Portuguese maritime police intercepted a speedboat carrying more than 2.6 tonnes of cocaine off the coast of Lisbon, Italian financial police said on Monday.

Four people were arrested: two Spanish nationals, one Albanian and one man from Gibraltar, according to Italian police, which said it had conducted the investigation.

The cocaine had an estimated street value of about €500 million, or $570 million, Italian authorities said.

Portuguese police said the speedboat was intercepted on Thursday about 90 kilometres southwest of Cape Espichel.

Italian financial police said organised crime groups were increasingly using high-speed vessels known as “go-fast” boats to collect illegal drug shipments at sea.

The boats are typically between 10 and 16 metres long and can travel at speeds exceeding 70 knots, police said.