Authorities have reportedly captured a man alleged of being the money man or the top money launderer for drug kingpin Joaquin "El Chapo" Guzman. He was arrested in Mexico.
In a report by The Telegraph, the man identified as Juan Manuel Alvarez Inzunza, with a nickname of "El Rey Midas" or King Midas in English, was arrested by groups of elite federal police and the Mexican Army in Oaxaca, Mexico. King Midas is alleged of laundering around $4 billion in the past ten years.
King Midas, 34, reportedly operated a network of companies and currency exchange centers to launder money. Around $300 to $400 million of dollars pass in these companies every year and is being operated in behalf of the Sinaloa drug cartel of El Chapo, Yahoo News reported.
Accordingly, Alvarez Inzunza operated in Sinaloa and Jalisco states but was vacationing in Oaxaca when he was arrested by authorities. The federal police said that the man was arrested without any need to shoot off their firearms and without putting other citizens at risk.
The authorities also put out an order for Alvarez Inzunza's provisional detention as he will be extradited to the United States as per the request of a federal court in Washington. He was first transferred to Mexico City and was handed over to anti-drug prosecutors from the attorney general's office. There are no details about his extradition yet.
Aside from Alvarez Inunza operating in the Sinaloa and Jalisco states of Mexico, the money laundering operations also extend across Mexico's border specifically into Colombia, United States, and Panama.
The Sinaloa cartel is considered as one of the most powerful drug gangs in Mexico, which was led by Guzman. Guzman was first captured in the early 1990s. He has twice escaped from Mexican high-security prisons and was recaptured only January this year, NBC News reported.
El Chapo was caught after being monitored by authorities during his secret meetings with actor Sean Penn and actress Kate del Castillo.
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