Spanish authorities have announced that it has apprehended a Colombian Cali cartel member for money laundering using digital assets.
According to authorities, the yet to be identified member of the drug cartel has been involved in moving close to 80% of cocaine belonging to the cartel. Furthermore, the authority claimed that the suspect was apprehended while exchanging his crypto for cash.
Authorities have claimed that major illegal operations across the country have been carried out using digital assets. Before the arrest was facilitated, the Spanish authorities claimed that they worked closely with law enforcement in the Netherlands.
The arrested suspect was a core member of the now-defunct Cali Cartel
Spanish authorities also said that they spent nothing less than two years to gather all the necessary information before the arrest was effected. The suspect was said to have been captured in Malaga, a small city in the Spanish nation.
Even though authorities have not yet placed the suspect’s identity, they have claimed that he is a core member of the famous Colombia Cali cartel. Notably, the Cali Cartel was one of the largest drug trafficking rings globally, as was mentioned in season three of the popular Netflix show, Narcos.
With the cartel now defunct after its leaders were busted, charged to court, and jailed in the United States of America, the unidentified member decided to move to Europe to evade arrests.
Also read:Police further said that the suspect continued to traffic drugs across the country from his base in Spain, using crypto trading as a front for his illegal operations. Authorities also claimed that the suspect has heavily been involved in money laundering in recent years as he has laundered close to 6 million euros using digital assets.
Authorities seize the suspect’s assets after raiding his residence
While the said amount is small compared to what he laundered for the cartel while still in operation, the amount is still substantial when one looks at it from a non-drug operation angle. The raid that was carried out during the weekend saw authorities seize various assets from the suspect.
Authorities claimed that the suspect has 15 credit cards, multiple laptops and cellphones, watches, cars, and about 85 thousand euros while freezing his bank account. Also, authorities said it seized digital assets worth $170,000, diverse crypto wallets from different platforms, and important documents from the suspect. Notably, all these assets were seized when authorities broke into his house following his arrest.
The now-defunct Cali cartel is famous in Colombia for its rivalry with the Medellin cartel, which was once controlled by Pablo Escobar. Authorities are still searching for Pablo Escobar’s brother, who now promotes crypto scams amongst other illicit activities.
According to records, the Cali cartel was said to have generated nothing less the $7 billion in a year while in the United States. Authorities also claimed that the cartel used close to 50 businesses across America to launder its illegal money. When its leaders were arrested by policemen and charged to court, they were asked to pay a fine of $2.1 billion while serving their respective jail terms.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.