Mexican and Chinese law enforcement collaborated with U.S. authorities to apprehend fugitives mentioned in the indictment, as per the Department of Justice (DOJ).
The DOJ alleged that the Sinaloa drug cartel from Mexico, responsible for the surge of fentanyl in the U.S., worked with groups associated with “Chinese underground banking” to launder over $50 million in drug profits.
An investigation known as “Operation Fortune Runner” led to the updated indictment of 24 defendants identified as Sinaloa associates in Los Angeles, according to the DOJ.
The department claimed that a money laundering network linked to the cartel collected and processed large sums of drug proceeds in U.S. currency in the Los Angeles region, with the help of a California-based money transmitting group connected to Chinese underground banking.
“DEA’s top operational priority is to save American lives by defeating the cartels and those that support their operations. This investigation is the latest example, and there is more to come,” she added.
The defendants face charges of conspiracy to assist in 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 worked with U.S. authorities to capture fugitives who fled the country after being charged last year, the department reported.
Twenty of the indicted individuals will be arraigned in the district court in Los Angeles in the upcoming weeks, as stated by the DOJ.
Chinese Underground Banks Facilitate Transfer of Drug Profits to Mexico
The U.S. government has described the Sinaloa cartel as “one of the most notorious and pervasive drug trafficking organizations in the world,” attributing it to the influx of fentanyl into the U.S.
The Sinaloa cartel amassed substantial amounts of U.S. currency in the country, with the drug trade profits being sent back to Mexico for cartel use.
Chinese underground money exchanges aid cartels in transferring profits from the U.S. to Mexico by providing a market for U.S. currency, as per the DOJ.
“Drug traffickers increasingly have partnered with Chinese underground money exchanges to take advantage of the large demand for U.S. dollars from Chinese nationals,” the department explained.
“The funds transferred in China are then utilized to pay for goods bought by businesses and organizations in Mexico or elsewhere, such as consumer goods or items required for the drug trafficking organization to manufacture illegal drugs, like precursor chemicals, including fentanyl,” it elaborated.
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