EL CHAPO’S MONEY MAN: ‘King Midas’ Arrested in Mexico

Screen Shot 2016-03-28 at 9.49.35 AMBreak down those cartels at the knees! Once the money starts going, they will start making big mistakes and that’s when Mexico can get them.

Mexico’s federal police said they have detained a man identified as one of the top money launderers for drug lord Joaquín “El Chapo” Guzmán, who they say laundered $4bn in the past decade.

The police agency said on its Twitter account that Juan Manuel Alvarez, known as “King Midas”, was detained in the southern state of Oaxaca.

Alvarez is suspected of laundering $300m-$400m a year for Guzmán’s Sinaloa cartel through a network of companies and currency exchange centres, adding up to a total of around $4bn.

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In a written statement, the police and the interior department said the arrest was carried out in a joint operation with the army and was the result of intelligence work.

“Groups of elite federal police and the Mexican Army arrested Juan Manuel Alvarez Inzunza, nicknamed ‘El Rey Midas’ (‘King Midas’) in Oaxaca,” the statement said.

 

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