NSW Police executed a record-breaking drug seizure, confiscating 722 kilograms of Xanax valued at $12 million.

The seizure, the largest of its kind in NSW, took place in a storage unit in southern Sydney.

Investigations into interstate cash transportation linked to criminal activities led to the drug bust.

A related operation in Wagga Wagga yielded a truck with nearly $1 million in cash.

Bogdan Shadrin, 28, was arrested and faces charges related to drug supply and money laundering.

Shadrin is set to appear in court on Thursday following the historic drug and cash seizure.