A Cali Drug cartel member just got arrested for crypto money laundering and helped the Colombian Cartel control over 80% of the world’s cocaine. In our latest crypto news, we are reading more about him.
The unidentified man helped the Colombian Cartel control about 80% of the world’s cocaine as he got caught trying to turn his stash into cash with the help of crypto. The Spanish police arrested a man suspected of being an ex-member of Colombia’s Cali Drug Cartel. He is accused of using cryptocurrency to launder drug money. The police seized about 85,000 euros and $170 worth of crypto assets. Spain’s police arrested the drug trafficker who was allegedly using crypto to facilitate his operations.
The Spanish police worked along with the Dutch law enforcement for at least two years on gathering all of the intelligence necessary to capture the suspected criminal in Malaga. The police have yet to identify the man as they claim he was a member of the Colombian Cali Cartel which was once the biggest cocaine trafficking situation in the world. the cartel imploded after the leaders’ arrest and extraditions to the US while the unidentified man started a new life in Europe. According to the police, he didn’t give up on the drug trafficking but moved from being an intermediary to a money launderer and even set up a crypto trading company.
The suspect described as a prominent Dutch drug trafficker of Colombian origin helped launder more than 6 million EUR worth of crypto. While that’s only grain sand compared to what the Cali Cartel laundered back in 1990s heyday which is still a large figure for most people who are not facilitating the transfer of bigger drug shipments. During the weekend’ raid, the Spanish police seized 85,000 EUR in cash, three cars, a bank account, 15 credit cards, several crypto wallets, documents, and computers after breaking into his home in Delft, Netherlands.
The Cali Cartel is a popular Colombia for its rivalry with the infamous Medellin Cartel commanded by Pablo Escobar.
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His brother has since become known for promoting potential scams involving smartphones and crypto. At the time of Escobar’s death, the Cali Cartel was estimated to control about 80% of the world’s cocaine market. According to the reports, the cartel generated about $7 billion in annual revenue from the United States. To launder the money, the cartel had a complex structure of more than 50 businesses but they have since agreed to pay a $2.1 billion forfeiture.
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