From a parked van near an inner-city reserve, a man retrieves a sports bag he allegedly believes contains cocaine worth millions.

It’s called a “dead drop” — with a long history of use in espionage — but unfortunately for the man who came to collect the package, he was on the wrong side of the intelligence gathering.

Federal police had already replaced the 30kg of wrapped cocaine bricks inside the bag and then arrested their suspect at the end of a foot chase following his return with the goods to Sydney’s salubrious eastern suburbs.

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They say they seized the fake cocaine along with encrypted devices and anabolic steroids from his Double Bay home and a nearby unit.

Australian Federal Police (AFP) raided the Holt St home on Friday, with undercover officers working disguised as tradies in hi-vis worksite wear.

Jonathan Lindsay Fagan, 40, has swapped the prestige postcode for a jail cell after declining to apply for bail in Parramatta Local Court on Saturday.

He has been charged with attempting to possess a commercial quantity of unlawfully imported border controlled drugs, which can carry a lifetime prison sentence.

The case returns to court on Tuesday.

If convicted, he faces a maximum penalty of life imprisonment.

The arrest came after a three-month AFP investigation into an alleged transnational drug trafficking syndicate operating in Australia.

The inquiry had disrupted the group’s operations, Detective Superintendent Morgen Blunden said.

“The AFP has successfully disrupted a significant drug trafficking syndicate’s operations thanks to this investigation,” Blunden said.

“30kg of cocaine has an estimated street value of $9.7 million and would have equated to about 150,000 street level deals.”

“This result should serve as a serious warning to potential drug traffickers in Australia – don’t get comfortable - because the AFP is constantly working to target and disrupt your criminal operations and bring you to justice.”

Friday’s operation came a day after another man flew in to Sydney from Dubai allegedly carrying more than 10kg of cocaine in a suitcase.