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Accident – Death – Obituary News : : 1. Sinaloa Cartel Money Laundering
2. China-LA Cartel Network
The Department of Justice (DOJ) revealed that the Sinaloa drug cartel collaborated with groups tied to Chinese underground banking to launder over $50 million in drug profits. The investigation, named “Operation Fortune Runner,” led to the indictment of 24 Sinaloa associates in Los Angeles. The DOJ claimed that a money laundering network connected to the cartel processed large amounts of drug proceeds in the Los Angeles area with the help of a California-based money transmitting group linked to Chinese underground banking. The defendants face charges related to drug distribution, money laundering, and operating an unlicensed money-transmitting business. Mexican and Chinese authorities assisted in capturing fugitives who fled the United States. The Sinaloa cartel, known for trafficking fentanyl into the U.S., used Chinese underground banks to move profits back to Mexico. This collaboration highlights the global reach of drug trafficking and money laundering operations.
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The Department of Justice (DOJ) has alleged that the Sinaloa drug cartel, known for the influx of fentanyl into the United States, has conspired with groups connected to “Chinese underground banking” to launder more than $50 million in drug proceeds. This shocking revelation came to light during a multi-year investigation dubbed “Operation Fortune Runner,” which has resulted in the superseding indictment of 24 defendants in Los Angeles.
Money Laundering Scheme Uncovered in Los Angeles
The DOJ has accused a money laundering network linked to the Sinaloa cartel of collecting and processing large amounts of drug proceeds in U.S. currency in the Los Angeles area. This network allegedly received assistance from a California-based money transmitting group with ties to Chinese underground banking. According to DEA administrator Anne Milgram, this investigation unveiled a partnership between Sinaloa cartel associates and a Chinese criminal syndicate operating in Los Angeles and China to launder drug money.
Charges and Seizures
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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 collaborated with U.S. authorities to apprehend fugitives who fled the United States after being charged last year. The DOJ stated that 20 of the indicted individuals will be arraigned in the district court in Los Angeles in the coming weeks.
The investigation also led to the confiscation of $5 million in narcotics proceeds, along with 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 were seized in connection with the case.
Role of Chinese Underground Banks
The U.S. government has labeled the Sinaloa cartel as one of the most notorious drug trafficking organizations globally, attributing the influx of fentanyl into the United States to the cartel. The cartel reportedly generated substantial amounts of U.S. currency in the United States, with proceeds from the drug trade being repatriated to Mexico for the cartel’s use.
Chinese underground money exchanges play a crucial role in helping cartels move profits from the United States to Mexico by providing a market for U.S. currency. The DOJ highlighted that drug traffickers have increasingly partnered with Chinese underground money exchanges to take advantage of the demand for U.S. dollars from Chinese nationals.
Treasury Department Sanctions
In March, the Treasury Department sanctioned 15 Sinaloa Cartel members and six Mexico-based entities for a multi-million dollar Black Market Scheme aimed at laundering illicit fentanyl proceeds. Fentanyl, a synthetic opioid up to 50 times stronger than heroin, is a significant contributor to drug overdoses in the United States, according to the U.S. Centers for Disease Control and Prevention (CDC).
The discovery of this money laundering scheme involving the Sinaloa cartel, Chinese underground banking, and Los Angeles-based criminal networks underscores the complex web of international criminal activity that law enforcement agencies are working tirelessly to dismantle. Stay informed and vigilant as authorities continue to combat these threats to public safety.
