A two-month police investigation by a dedicated team, Strike Force Chadderton, culminated on Sunday when the detectives descended on the Auburn storage unit at 8pm.
There, they found the large Xanax haul, with an estimated street value of $12 million.
The medication, officially known as Alprazolam, is commonly prescribed to treat anxiety disorders but is sold illicitly for its euphoria-inducing effects.
Subsequent investigations led police to stop a truck almost 500 kilometres away in Wagga Wagga yesterday.
When officers searched the vehicle on Hammond Avenue at around 9pm last night, they found shopping bags containing almost $1 million in cash.
The driver, a 28-year-old man, was arrested and taken to Wagga Wagga Police Station.
He has been charged with supplying a prohibited drug greater than a large commercial quantity and knowingly dealing with the proceeds of crime.
He has been refused bail ahead of his appearance before Wagga Wagga Local Court today.
