Two men have been charged over the alleged slaying of Sydney drug kingpin Alen Moradian.

The 31-year-old and 42-year-old were arrested at properties in Moorebank and Yowie Bay respectively on Wednesday morning, with NSW Police releasing vision of armour-clad officers storming the separate properties.

Both men have been charged with murder and were refused bail.

Police allege the older man instigated the fatal shooting, while the younger man is accused of helping co-ordinate the attack.

The 42-year-old was wearing blue silky pyjamas as he was handcuffed and led into a waiting police vehicle.

He also appeared to have some sort of wound dressing on the side of his head.

The 31-year-old man was shirtless when arrested, although he was evidently allowed to find a top before being taken away.

Moradian, 48, was shot while sitting in his car in an underground carpark in Spring St, Bondi Junction on the morning of June 27.

He was found dead at the scene.

About 6am Wednesday, police swooped on a Yowie Bay property in Sydney’s south and they arrested a man believed to be Luke “Fat Boy” Sparos over the alleged murder.

Mr Sparos was known to be a very close associate of Moradian and attended his funeral in Sydney.

Shortly after discovering Moradian’s body in June, police found a burnt-out Porsche nearby in Bondi Junction as well as a burnt-out Holden Commodore in Zetland.

Three separate crime scenes were established and underwent forensic examination.

How the shooting unfolded

The execution on June 27 was carried out in the underground car park of Moradian’s Bondi Junction unit block while the former cocaine Kingpin was inside his Audi.

He was shot multiple times, including in the head.

Police attempted to resuscitate the victim but he died at the scene.

Two men were reportedly seen fleeing the scene.

Police located a burnt-out Porsche near in Bondi Junction, and a burnt-out Holden Commodore in Zetland, in the inner west.

Both cars were found within a 6km radius of the shooting less than an hour later.

Detective Superintendent Danny Doherty told reporters shortly after the attack that it bore “the hallmarks of an organised crime murder and it is being treated as that”.

“We’re saying this is a well planned and executed murder of a high level criminal identity.”

Moradian had pleaded guilty to importing between 40-60kg of cocaine from the US in 2006, and was sentenced to 16 years and nine months behind bars in 2011.

Taking into account time already spent behind bars, however, he was eligible for release by December 2017.

Police suspected he had been assassinated due to his “high standing” in Sydney’s criminal underworld.

“He was a high level identity in the criminal network so he was a high level target for these shooters,” Superintendent Doherty said.

“He obviously had a big target on his back.”

Investigations into the killing of Moradian, who is believed to have had high-level links to the Comanchero bikie gang, were taken over by Task Force Magnus under Strike Force Parachuter.

Police established the taskforce in July to target and disrupt gun-related and violent crime, and to investigate links between organised criminal activity in the city.

Moradian was believed to be one of the “Mr Bigs” of Sydney’s underworld and was dubbed the “Tony Soprano” of Australia’s cocaine trade, according to The Daily Telegraph.