( CNN ) -- Two people who thought they were sailing toward a big payday ended up in jail and are suspected of drug smuggling , according to the U.S. Coast Guard . Crew members on the Coast Guard cutter Dependable noticed the 49-foot sailing vessel Elegance was `` riding suspiciously low in the water '' in the Atlantic about 500 miles east of Cape Cod , Massachusetts , on Monday , a Coast Guard news release said . Coast Guard officers , who boarded the Canadian-registered boat after consulting with Canadian authorities , found more than 1,200 pounds of cocaine worth an estimated wholesale value of $ 20 million , the release said . The two people on the boat were arrested after the contraband tested positive for cocaine , it said . The suspects ' names and nationalities were not immediately made public . The Dependable , with the Elegance in tow , suspected smugglers in custody and the cocaine on board , arrived in Boston Friday . While the haul was big , it 's just a small part of the Coast Guard 's annual cocaine seizures at sea . The Coast Guard has seized 44,000 pounds of cocaine in the previous 12 months , the release said . CNN 's Rick Martin contributed to this report .
CNN crew notices the 49-foot vessel Elegance was `` riding suspiciously low in the water '' 44,000 pounds of cocaine worth $ 20 million is found on board , officials say . Coast Guard has seized More than 1,200 pounds of cocaine in Monday .