The joint operation was designed to hit illegal traders in the run-up to the busy Christmas period and halt the sale of forged and stolen goods.
Nearly 100 officers from Strathclyde Police, British Transport Police, Customs and Excise, Trading Standards and the Department of Social Security joined the pre-Christmas raid on Paddy's Market in the city's Briggait area.
The operation recovered 50,000 duty free cigarettes, 31 kilos of hand-rolled tobacco and 30 litres of spirits.
More than 1,000 counterfeit CD roms, 500 videos and 1,000 CDs were also seized.
The joint operation was designed to hit illegal traders in the run-up to the busy Christmas period and halt the sale of forged and stolen goods.
Strathclyde chief constable John Orr said people buying counterfeit goods were fuelling the black economy.
"Members of the public buying these illegal goods often do not realise that their money is being used to fuel serious crime," he said.
"I urge them to think twice before contributing to this underworld economy."
Warn customers
Customs enforcement officer Dave Clark said the operation was another chance to stifle both ends of the illegal tobacco trade.
"Customs are now targeting not only the smugglers and distributors, but also the buyers," he said.
"Today we handed out leaflets to market customers warning them that anyone buying duty free cigarettes is involved in an illegal activity - they will lose their goods, and regular buyers could even lose their vehicle."
He urged anyone with information about the selling of illegal tobacco products to call customs confidentially on 0800 595000.