By Trend News Line 2024-06-20 03:58:51.
The Department of Justice (DOJ) has made a shocking revelation, alleging that Mexico’s Sinaloa drug cartel, known for flooding the United States with fentanyl, has teamed up with groups connected to “Chinese underground banking” to launder over $50 million in drug proceeds. This disturbing partnership has been uncovered as part of a multi-year investigation named “Operation Fortune Runner,” which has led to the superseding indictment of 24 defendants identified as Sinaloa associates in Los Angeles.
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Money Laundering Network Exposed
According to the DOJ, a money laundering network associated with the cartel was responsible for collecting and processing large sums of drug proceeds in U.S. currency in the Los Angeles area. This operation was aided by a California-based money transmitting group with ties to Chinese underground banking. DEA administrator Anne Milgram expressed her concern, stating that this investigation has revealed a dangerous collaboration between Sinaloa Cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money.
Charges and Arrests
The defendants have been charged with conspiracy to aid and abet the distribution of cocaine and methamphetamines, conspiracy to launder monetary instruments, and conspiracy to operate an unlicensed money-transmitting business. Mexican and Chinese law enforcement agencies have worked alongside U.S. authorities to apprehend fugitives who fled the country after being charged last year. The DOJ has announced that 20 of those named in the indictment will be arraigned in the district court in Los Angeles in the coming weeks.
Seizures and Confiscations
As a result of the investigation, law enforcement officials have seized $5 million in narcotics proceeds, 302 pounds of cocaine, 92 pounds of methamphetamine, 3,000 ecstasy pills, 44 pounds of psilocybin, and numerous ounces of ketamine. Additionally, three semi-automatic rifles and eight handguns have been confiscated as part of the operation.
Chinese Underground Banks Involved
The U.S. government has labelled the Sinaloa cartel as one of the most notorious drug trafficking organizations globally, attributing the influx of fentanyl into the United States to their activities. The cartel has reportedly generated substantial amounts of U.S. currency in the country, with proceeds from the drug trade being sent back to Mexico for their use. Chinese underground money exchanges have been identified as facilitators in moving these profits from the United States to Mexico, providing a market for U.S. currency.
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Treasury Department Sanctions
In a related development, the Treasury Department recently sanctioned 15 Sinaloa Cartel members and six Mexico-based entities for their involvement in a multi-million dollar Black Market Scheme to launder illicit fentanyl proceeds. Fentanyl, a synthetic opioid up to 50 times stronger than heroin, has been a significant contributor to drug overdoses in the United States, according to the U.S. Centers for Disease Control and Prevention (CDC).
This shocking revelation underscores the ongoing battle against drug trafficking organizations and the critical role of international cooperation in combating the illicit drug trade. The DOJ’s efforts to dismantle money laundering networks tied to cartels like the Sinaloa cartel are essential in disrupting their operations and preventing further harm to communities affected by drug addiction and overdoses..
– Prosecutors Say Sinaloa Cartel Laundered $50 Million Via China-Linked LA Network
– Sinaloa Cartel Laundered $50 Million Via China-Linked LA Network.
