POLICE have seized cocaine worth more than £15 million (almost €17 million) on a luxury UK-registered yacht close to the Ibiza coast.

Officials say it is the biggest cocaine haul they have ever discovered on the Balearic Islands.

It comes after 300 kilos of the Class A drug were intercepted on Sunday morning around 15 miles from Ibiza.

Five people, who were on board the lavish yacht, have been arrested in connection to the load.

While the boat was flying a Gibraltar flag, four of the suspects are Dutch and one is German.

Half of the cocaine was found in packets tied with ropes and the rest was discovered under the floor of the captain’s cabin in a secret compartment.

The vessel was tracked by Policia Nacional leaving Palma and heading towards the mainland.

Officials found the crew collecting bales of cocaine which had been thrown into the sea from a larger ship.

The common “drop off” technique allows smaller boats to pick up the drugs and take them back to the coast.

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