Police have seized more than $1 million in cash during an operation targeting a suspected drug supplier in Sydney.

The $1.25 million in wads of $100 and $50 notes was found during the search of a property on Wattle Street in the inner-Sydney suburb of Ultimo just after 5pm yesterday.

A loaded pistol and 6kg of the drug ice were also found and two men were arrested.

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Officers said at the same time, four men were arrested at a property on Cooper Lane in Zetland, to the south of the city, where a further one kilogram of ice was found.

The estimated street value of the 7kg of ice was $700,000.

Police said the arrests stemmed from an investigation into the supply of ice by a man in metropolitan Sydney that was started in January by the Redfern Region Enforcement Squad.

The man was one of the six arrested.

Five were charged with a range of offences for drug supply and involvement in a criminal group.

They were denied bail and are expected to face the Central Local Court today.

The sixth man was detained as an illegal immigrant.

– ABC