The incident occurred at Spring Street in Bondi Junction around 8.30 am at an underground car park.
Moradian, 48, was ambushed by two assailants and killed. The police who were informed of the incident rushed to the spot and saw the cocaine lord lying on the road in a pool of blood.
New South Wales police said that two men fired into his vehicle as he sat in the front seat.
“The shooting this morning bears the hallmarks of an organised crime murder,” Det Supt Danny Doherty told reporters.
“He’s a major player. He obviously had a big target on his back.”
Moradian was part of a secret cartel called the Commission, which controls the drug market in Sydney.