News

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

  • Richard Marley
  • May 25, 2022
  • 2 minutes read
  • 1075
blog_image

A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through US banks while gaining more than 7,000 pounds of cocaine as well.

According to an international investigation, a scheme to launder millions deployed by the Columbian cartel cash was busted by the federal prosecutors in the Hub who also obtained more than 7,000 pounds of cocaine through the multi-agency.

At the ​press conference held on May 24 announcing the indictment of 19 people connected to the scheme, ​​the U.S. Attorney Rachael S. Rollins commented “During the course of the investigation, this money laundering organization allegedly laundered over $6 million through the United States banking system.”

“As part of its investigation, law enforcement also seized $1 million from corporate bank accounts in other investigative activity. In addition, nearly 3,000 kilograms of seized cocaine valued at over $90 million has been traced back to the money laundering organization.”

19 individuals were charged out of which 3 were caught in Florida and 2 in Jamaica. The rest of them were arrested in Columbia and Florida in the last month while one person still remains in Jamaica added Rollins. 

Rollins stated that drug traffickers used a third party at the Columbian Black Market Peso Exchange (BMPE) to illegally conduct its business. The peso broker agreed to give them the profits in the drug sales in the US. To avoid getting caught, funds were deposited into US accounts held by “front companies or individuals”.

A special agent in charge of the U.S. Drug Enforcement Administration New England Field Division, Brian D. Boyle claimed: “The money laundering scheme detailed today allowed drug traffickers to peddle their poison in Massachusetts and throughout the United States.”

“By attacking the financial structure, we have a greater impact on neutralizing their ability to spread their poison. The greed and corruption, along with the outstanding investigative work of these agencies, ultimately led to today’s announcement.”, Boyle further said.

Suggested Read: Global Drug, Money Laundering Hub Busted in Las Vegas