(NewsWorthy.news) – The American government has alleged that “underground bankers” from China assisted a Mexican cartel in laundering over $50 million from drug trafficking.
A California indictment which was unsealed this week revealed that 24 suspects had been charged for money laundering and conspiring to traffic methamphetamine and cocaine. The recent announcement comes as the Department of Justice (DOJ) is working to undermine the Chinese affiliates of the Mexican drug cartels.
The 10-count indictment brought charges against “Los Angeles-based associates” of the Mexican Sinaloa cartel for collaborating with groups “linked to Chinese underground banking” and passing a total of over $50 million in the profits of drug trafficking, according to a June 18 press release from the United States Drug Enforcement Administration (DEA).
The government added that 20 of the 24 charged suspects are set to be arraigned in a Los Angeles court within the next few weeks. One was already arraigned on June 17.
The lengthy investigation resulted in the seizure of roughly $5 million profits from narcotics trafficking as well as 92 pounds of meth, 302 pounds of cocaine, and 44 pounds of “magic mushrooms” or psilocybin. Additionally, law enforcement uncovered “numerous ounces of ketamine,” eight handguns that were semi-automatic, and three semi-automatic rifles as well as “high-capacity magazines.”
The investigation, known as Operation Fortune Runner, has been going on for years, according to DEA chief Anne Milgram. It was this investigation that uncovered the “Chinese criminal syndicate” from Los Angeles that was engaged in a “partnership” with the Sinaloa.
The illegal ring consisted of the Chinese criminals, called “underground bankers,” moving money from drug sales from America into Mexico. According to their country’s law, Chinese citizens are forbidden from transferring over $50,000 each year out of China, leading some to pursue “informal alternatives” for money laundering.
The DEA added that the case exemplifies the growing issue of drug trafficking cartels joining forces with Chinese money laundering groups with the intent of undermining high demand from Chinese nationals for American dollars.
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