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El Chapo's money man arrested in Oaxaca

By Shawn Price   |   March 28, 2016 at 4:12 AM

OAXACA, Mexico, March 28 (UPI) -- A man reported to be one of drug lord Joaquin "El Chapo" Guzmán top money launderers has been arrested, Mexican Federal Police said Sunday.

Juan Manuel Alvarez Inzunza, 34, alleged to have laundered about $4 billion in the last ten years, was arrested while vacationing in the southern state of Oaxaca, police tweeted.

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Police said IInzunza, nicknamed "El Rey Midas" or "King Midas", laundered about $300 million to $400 million dollars a year from the Guzman's Sinaloa cartel through a network of companies and currency exchange centers in Mexico, the United States, Columbia and Panama, MSN reported.

IInzunza was arrested on a provisional extradition warrant from the U.S., where he is wanted for money laundering.

Guzmán was one of the heads of the Sinaloa Cartel, considered Mexico's most profitable drug gang. His escape from a maximum-security prison in Mexico drew world-wide attention in 2015. He was recaptured after a shootout on Jan. 8.

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