Secret compartment in ute hides millions in cash

Detectives have allegedly discovered $3.3 million worth of Australian currency inside two utes outside a home in Sydney.

Officers from Strike Force Franklyn arrested a man as he allegedly tried to flee at a home in Pitt Street in Sydney's CBD yesterday.

Police discovered $50,000 in cash inside a bag and $1.7 million in cash in a magnetically operated hidden compartment in one of the utes.

When police searched the second vehicle, they found $1.6 million in cash and close to $14,000 inside the apartment block.

A 39-year-old man was arrested and charged with two counts of dealing with proceeds of crime.

He was refused bail to appear in Central Local Court today.

Earlier this year, the Organised Crime Squad and NSW Crime Commission formed a strike team to investigate a syndicate involved in the supply of cocaine on Sydney’s Northern Beaches.

Detective Superintendent Scott Cook from the Organised Crime Squad said his officers were committed to doing everything they can to smash organised crime syndicates.

"Rest assured, the Organised Crime Squad will continue to hunt down those engaged in organised crime," Supt Cook said.

"As part of our suite of strategies, we remain closely focused on money laundering.

"This is an effective tactic that allows us to stifle the cashflow of these criminal enterprises, and hit the pockets of all the greed-driven parties who extract profit from other people's misery."