Published: Dec 30, 2010 5:48 PM EST
Updated: Dec 30, 2010 2:48 PM EST

MIAMI BEACH, Fla. (AP) - A Key West-based Coast Guard cutter has seized an estimated $48 million in cocaine after stopping a speedboat off the coast of Panama.

The 62 bales of cocaine seized by the cutter Thetis were unloaded Wednesday at the Coast Guard's Miami Beach station. The bales weighed about 3,400 pounds.

Coast Guard officials say the speedboat was intercepted Dec. 17 about 160 miles from Colon, Panama. Aircraft from two other federal agencies took part in the stop.

Three suspected cocaine smugglers aboard the boat were taken into custody and will be prosecuted in Miami.

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