A San Gabriel Valley ring sold dirty cash from the Sinaloa cartel to wealthy residents of China, who wanted to transfer their money to the United States while avoiding capital flight restrictions, federal prosecutors alleged.
With millions in cash piling up in the United States, the Sinaloa cartel needed to funnel proceeds from the sale of fentanyl, methamphetamine and cocaine back to Mexico. Federal prosecutors say a ring of Chinese nationals in the San Gabriel Valley offered a solution: marrying the Sinaloans' glut of bulk cash in Greater Los Angeles with a demand from wealthy residents of China to transfer their money to the United States. U.S. Atty. E.
The chemicals, on the other hand, would be used to produce drugs such as fentanyl and methamphetamine in Mexico for sale in the United States, triggering the cycle again, Estrada said. Prosecutors allege the leaders of the money laundering ring, Edgar Joel Martinez-Reyes and Peiji Tong, traveled to Mexico to strike a partnership with the Sinaloa cartel in 2021.
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