Police have seized 468kg of drugs from a Sri Lankan fishing boat operating illegally within Maldives territory.

Commissioner Ali Shujau told reporters during a briefing at the police headquarters that the boat was stopped near Haa Dhaal Makunudhoo island on Saturday night.

Maldives National Defence Force (MNDF) Coast Guard took the vessel to Haa Dhaal Kulhudhuffushi port where the police conducted a search.

Shujau said the preliminary test results confirmed the drugs as 344kg of crystal meth and 124kg of cocaine.

Officers pose for photo of the seized drugs. -- Photo: Police

Shujau said there were five Sri Lankans on board the Ashengutha boat. He estimated the street value of the drug haul to be around MVR 1 billion.

Police said further investigations were underway. It is unclear whether the drugs were connected to a trafficking network in the Maldives.

This is the largest drug bust in recent history. According to media reports, the biggest drug haul came in 2006 when 1.6 tonnes of cannabis was found submerged in the lagoon of an island in Alif Alif atoll.