US customs, Panama officials intercepts more than 3,300 pounds of cocaine

Cocaine valued at more than $242 million

JACKONSVILLE, Fla. - U.S. Customs and law enforcement in Panama reportedly intercepted more than 3,300 pounds of pure cocaine in the past weekend.

U.S. Customs and Border Protection reports a P-3 aircraft crew was patrolling the open waters near Panama City, Panama, Saturday. They detected a speedboat carrying four suspects, fuel barrels and multiple packages.

The crew notified Panama law enforcement and directed three Panamanian interceptors to the speedboat's location. Panamanian law enforcement fired warning shots, causing the speedboat to stop. The suspected traffickers, all claiming Colombian citizenship, were arrested and their boat was seized.

The fuel barrels were filled with cocaine, an estimated value of more than $242 million.