A joint strike force of Australian Federal Police and the New South Wales Police charged 15 men with drug importation offences after a two and a half year operation.
Mr Sheehan said: "We've prevented future importations by apprehending 15 men for their alleged involvement in the criminal syndicate responsible for this attempted importation".
During the night of Christmas Day this year, police intercepted a fishing boat they had been monitoring in Sydney and found 500kg of cocaine and three men who they arrested.
Acting Assistant Commissioner Chris Sheehan said the police operation has been running for nearly three years.
From Sydney Fish Markets, police had been tracking a large commercial grade fishing vessels earlier this month.
On Christmas day, Australian officials seized 1102 pounds of cocaine in the nation's largest drug bust in its history.
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Mark Jenkins, assistant commissioner of the New South Wales state police, said: "The dedication of all officers involved over the course of this investigation needs to be commended - especially those who sacrificed precious time with family and friends to ensure these unsafe drugs didn't reach the streets".
Sydney's Daily Telegraph said several were fishermen, one a former rugby league star, another a Bondi businessman.
In July 2014, the Australian Federal Police and NSW Police Force State Crime Command's Drug Squad commenced Operation Okesi.
Police seized 500kg of cocaine from a dinghy at Brooklyn on the NSW Central Coast.
A police office uses a dog to search a boat during yesterday's $360m cocaine bust.
One of the men allegedly targeted in the sting is former Roosters player John Tobin, News Corp reports.