El Chapo’s money man ‘king midas’ has been detained

Juan Manuel Alvarez caught by authorities

Authorities in Mexico have announced the capture of Juan Manuel Alvarez, the man accused of being the top money launderer for drug kingpin Joaquin “El Chapo” Guzman.

Alvarez was arrested Sunday in the southern Mexican state of Oaxaca, federal police said in a statement.

His capture was a joint effort of the police and army. He was taken into custody while vacationing in the area.

Police say his “relaxed security” on vacation allowed for his arrest without firing a single shot.

Alvarez has been accused of acting as the financial boss and chief money launderer for the Sinaloa cartel.

To funnel illegal money and turn it into legitimate cash, Alvarez ran a network of companies and currency exchange centers that were housed in Mexico, Colombia, Panama, and even the United States.

US authorities say the cartel made billions of dollars through the importing of “millions of pounds of illegal drugs,” including marijuana, heroin, cocaine and methamphetamine to the US from Mexico.

Now that he has been captured, Alvarez will face federal money laundering charges in the US. Authorities are currently seeking his extradition. Mexican President Enrique Peña Nieto says his government is working to extradite Guzman to the US “as soon as possible.”

His boss, known most commonly as “El Chapo” was captured in January 2016, months after he escaped from a maximum security prison in Mexico. He previously escaped from prison in a laundry cart in 2001.

Written by Lisa Huyhn

Lisa Huyhn

Lisa Huyhn is the Politics and Military & Defense Editor at BusinessPundit. She is a fiercely independent voter who believes in full transparency in politics & general government activities. You can reach her at Refinance Student Loans.