The trio told police their boat capsized while they were fishing off the Albany coast when they were pulled from the water after sending a distress signal on February 1.
Six days later, a black package containing multiple packages of cocaine washed ashore near Denmark, 423 kilometres south-east of Perth.
The Australian Federal Police (AFP) said a seven-metre boat was also found overturned off Peaceful Bay the following day with more cocaine inside.
“When police retrieved and searched the cabin cruiser they allegedly found another eight similar plastic-wrapped packages, each containing about 40kg of cocaine,” the AFP said in a statement.
Police suspect the shipment was collected from the ocean and don’t believe the story about the men’s boat capsizing.
AFP acting commander Graeme Marshall urged the three men to contact police.
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“We are also appealing for anyone else to call us if they have information to help us find the men, or know anything about this drug importation,” he said.
How and where the drugs were dropped in the water is still being investigated.
Police are working with international authorities as the investigation continues.
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