An Irishman is being held by police in Spain after a major cocaine seizure.

According to the Irish Independent, 500 kilos of the drug were discovered by police and customs officials on a yacht bound for the Canary Islands.

An American, an Australian and two Spaniards were also detained in the raid.

The Irishman - whose identity hasn't been revealed - is understood to have been remanded in custody following a court appearance in the Canaries.

A number of guns, along with gold bars worth €135,000, were seized during raids on the islands linked to the investigation.