Police have seized more than 97 tonnes of tobacco at a property north of Goulburn.
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Following a tip-off earlier this month, police officers searched a property in Bevendale at 8.30am on Thursday, finding tobacco growing at the property with an estimated street value of $4.9 million.
The tobacco was growing across more than eight acres at the property.
Officers carried out a search warrant with a number of items seized for forensic examination.
The tobacco crop is set to be destroyed.
Hume Police District acting crime manager, detective acting Inspector Keith Price, said investigations were continuing.
"Although tobacco may not be an illicit substance, the unpaid excise on this particular crop is estimated to be around $16 million," he said.
"As this investigation continues, we are appealing for anyone else in the community with information to come forward."
Investigators from the Australian Taxation Office and the Australian Border Force's tobacco task force are also assisting police with their inquiries.