Close Menu
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

SBP seeks tax on foreign investment

June 22, 2025

Najmul’s twin centuries helps BD draw first Sri Lanka Test – Sport

June 22, 2025

Pakistan to recommend Trump for Nobel Peace Prize

June 22, 2025
Facebook X (Twitter) Instagram
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us
Facebook X (Twitter) Instagram Pinterest Vimeo
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports
Nabka News
Home » How Mexican drug cartels and the Chinese work together to launder drug money – NBC Los Angeles
China

How Mexican drug cartels and the Chinese work together to launder drug money – NBC Los Angeles

i2wtcBy i2wtcJune 19, 2024No Comments3 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
Follow Us
Google News Flipboard Threads
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


The Sinaloa Cartel, one of the world’s most notorious drug trafficking organizations, has found an unlikely ally in Southern California: a money-laundering ring made up of wealthy Chinese citizens living in the San Gabriel Valley.

The Department of Justice said Mexican drug cartels conspired with a Southern California-based group with ties to underground Chinese banking to launder up to $50 million in drug trafficking proceeds.

The sophisticated illegal operation was allegedly carried out as follows:

First, Chinese nationals in the San Gabriel Valley area began conducting transactions on behalf of the cartels with Chinese banks controlled by the money laundering brokers.

The money laundering group then used the funds to purchase goods such as electronics, clothing and raw chemicals used to manufacture fentanyl and methamphetamine.

According to U.S. Attorney Martin Estrada, the Chinese nationals would send their purchases to Mexico, where they would be sold and the proceeds would eventually end up in the hands of the cartels to pay for drugs being shipped to the United States.

U.S. Attorney Martin Estrada on Tuesday outlined the international money laundering process allegedly carried out by Mexican cartels and Chinese nationals in Southern California.

“Drug cartels are desperate to get cash from U.S. drug sales back to Mexico without it being seized by U.S. or Mexican authorities, while Chinese money laundering groups are helping wealthy Chinese nationals access cash in Mexico to circumvent China’s export controls on cash movements,” Estrada said.

However, after a years-long investigation known as “Operation Fortune Runner,” the Department of Justice charged each of the 24 defendants with one count of conspiracy to aid in the distribution of cocaine and methamphetamine, one count of conspiracy to launder financial instruments, and one count of conspiracy to operate an unlicensed money transmitting business.

One of the suspects, Edgar Joel Martinez Reyes, 45, of East Los Angeles, was in charge of managing a money laundering ring in the Los Angeles metropolitan area and was affiliated with the leader of a Chinese money laundering network, Estrada said.

The two defendants are accused of traveling together to Mexico to meet with members of the Sinaloa Cartel to negotiate deals to launder drug money in the United States.

Only a few years ago, Mexican drug cartels were shipping huge amounts of cash into Mexico by the truckload.

But federal authorities said the latest investigation found the Sinaloa Cartel had “formed a new criminal alliance.”

“These Chinese criminal money laundering networks are able to move funds faster, cheaper and at a fraction of the cost typically associated with them,” DEA Administrator Anne Milgram said.

Milgran added that the fees the Chinese networks charge the cartels are much lower than traditional money launderers.

The department also announced that agents seized approximately $5 million in drug proceeds, 302 pounds of cocaine, 92 pounds of methamphetamine, 3,000 ecstasy pills, 44 pounds of psilocybin (magic mushrooms), several ounces of ketamine, three semi-automatic rifles with high-capacity magazines, and eight semi-automatic handguns.

Estrada said the Chinese government cooperated with the Justice Department’s investigation in making the arrests.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
i2wtc
  • Website

Related Posts

China

Power fully restored in flood-ravaged south China county after massive emergency response-Xinhua

June 22, 2025
China

Expo showcases South Asian cultural delight in Kunming-Xinhua

June 22, 2025
China

Chinese nationals evacuated from Iran arrive in Beijing-Xinhua

June 22, 2025
China

American youngsters explore Sino-U.S. historic friendship in Stilwell Museum-Xinhua

June 21, 2025
China

How upgrading China-South Asia economic and trade cooperation bolsters regional development-Xinhua

June 21, 2025
China

Instant retail reshapes consumption habits in China, driving new growth-Xinhua

June 21, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

SBP seeks tax on foreign investment

June 22, 2025

House Republicans unveil aid bill for Israel, Ukraine ahead of weekend House vote

April 17, 2024

Prime Minister Johnson presses forward with Ukraine aid bill despite pressure from hardliners

April 17, 2024

Justin Verlander makes season debut against Nationals

April 17, 2024
Don't Miss

Trump says China’s Xi ‘hard to make a deal with’ amid trade dispute | Donald Trump News

By i2wtcJune 4, 20250

Growing strains in US-China relations over implementation of agreement to roll back tariffs and trade…

Donald Trump’s 50% steel and aluminium tariffs take effect | Business and Economy News

June 4, 2025

The Take: Why is Trump cracking down on Chinese students? | Education News

June 4, 2025

Chinese couple charged with smuggling toxic fungus into US | Science and Technology News

June 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to NabkaNews, your go-to source for the latest updates and insights on technology, business, and news from around the world, with a focus on the USA, Pakistan, and India.

At NabkaNews, we understand the importance of staying informed in today’s fast-paced world. Our mission is to provide you with accurate, relevant, and engaging content that keeps you up-to-date with the latest developments in technology, business trends, and news events.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

SBP seeks tax on foreign investment

June 22, 2025

Najmul’s twin centuries helps BD draw first Sri Lanka Test – Sport

June 22, 2025

Pakistan to recommend Trump for Nobel Peace Prize

June 22, 2025
Most Popular

US, deadline for China’s ByteDance: “Sell TikTok or face a ban”

April 24, 2024

China passes tariff law amid tensions with trading partners

April 26, 2024

Pandas Yun Chuan and Xin Bao will soon head to the San Diego Zoo

April 29, 2024
© 2025 nabkanews. Designed by nabkanews.
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us

Type above and press Enter to search. Press Esc to cancel.