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Apr 2, 2008 11:54 pm US/Eastern

Philadelphia Police Announce Record Drug Bust

PHILADELPHIA (CBS 3) ― Philadelphia police announced a record drug bust netting millions of dollars in drugs and thousands of dollars in cash.

The Philadelphia Police Department, US Attorney's Office and F.B.I. held a join news conference to announce the arrest of the drug suspects and seizure of 274 kilos of cocaine and $62,000 in cash during an early morning raid.

Authorities executed a search warrant at a home in the 2600 block of Federal Street and in the basement of the home recovered 264 kilos of cocaine. Another 10 kilos were recovered from the living room.

"It is believed to be the largest seizure ever in Philadelphia," said Philadelphia Police Commissioner Charles Ramsey.

Police estimated the street value of the seized drugs to be approximately $28 million.

"This significant seizure prevented these drugs from entering our community," said an FBI spokesperson.

Authorities said a father and son are facing charges in connection with the historic drug bust.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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