Record drug money worth $10 million in Panama cash seizure

Record drug money worth $10 million in Panama cash seizure

“This is, without a doubt, the largest seizure of drug trafficking money made in the entire history of the country,” prosecutor Javier Caraballo told reporters Thursday.

Panamanian authorities have held onto a record take of drug cash — more than $10 million in cash — in a crackdown on groups connected to neighboring Colombia’s beset Gulf Clan. It took investigators over 12 hours to include the cash utilizing twelve machines, a few of which fizzled under the strain, the prosecutor’s office said. The cash was found in three different hiding places in a house in Nueva Providencia in the Caribbean territory of Colon. The clan controlled about a third of cocaine creation in Colombia, the world’s biggest exporter of the medication.

“The money-counting machines are finding it hard to keep up … some got damaged (from the counting) and had to be replaced.”

The bust was part of a police operation that resulted in the arrest of 57 people this week with suspected links to the Gulf Clan, which has been weakened by the capture in Colombia of its leader and dozens of other members since last month.

The United States is the main consumer.

Those arrested in the Panama operation, including five police officers, are accused of receiving large quantities of drugs from Colombia and hiding it before sending it on to the United States via Central America.

The operation, in which agents of the US Drug Enforcement Administration participated, also seized 10 firearms and 38 luxury vehicles belonging to the group.

“We are talking about a big blow to a criminal group where it hurts most, in money,” said Caraballo.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Realme Book Enhanced Air is a lightweight laptop with Core i5 processor
Realme Book Enhanced Air is a lightweight laptop with Core i5 processor
The new Realme laptop is priced at 4699 yuan (approx. Rs. 55,000) and will go on sale in China from January 21. As of now, there is no word regarding when ...
The Hut predicts slower growth after earnings miss estimates
The Hut predicts slower growth after earnings miss estimates
THG, co-founded by Matthew Moulding, has been dogged with controversy amid concerns about corporate governance and growth prospects of its Ingenuity unit, ...
Qarmatek Raises $3M in Financing Round Led by GVFL and Caspian Debt
Qarmatek Raises $3M in Financing Round Led by GVFL and Caspian Debt
MOBEX has an expansive network currently of around 4000 smartphone retailers in Gujarat to alleviate their day-to-day operations of sales via E-commerce ...
Spain restricts cryptocurrency advertising with order to signal dangers
Spain restricts cryptocurrency advertising with order to signal dangers
The rapid adoption of cryptocurrencies in the country is raising the hackles of regulators with both CNMV and the Bank of Spain stepping up their warnings to ...
Special Teaser for Netflix’s Korean Remake of ‘Money Heist’
Special Teaser for Netflix’s Korean Remake of ‘Money Heist’
Elsewhere in entertainment, Daniel Radcliffe will star as Weird Al in a new biopic. Watch the teaser above and stay tuned for an official release date. ...
Lordstown Motors takes on 'Voltage Valley' on a wild trip after financial uncertainty reveals
Milo launches first cryptocurrency mortgage in the US
About Milo: Milo is a financial technology company reimagining the way global and crypto consumers access financial solutions to ‘Unlock what’s possible.’ By ...
Global Processing Services raises $300 million with its API-based payments and embedded finance platform - TechCrunch
Proposed changes to Oakland’s trade taxes would affect larger companies the most
Erin Roseman, the director of the city’s finance department, urged the council to thoroughly vet the proposal for “unintended consequences,” in particular how ...
3,924 new cases, 12 additional deaths
3,924 new cases, 12 additional deaths
Gallatin County Cases: 28,608 Total  |  1,275 New  | 2,672 ActiveMissoula County Cases: 20,700 Total  |  541 New  | 2,125 ActiveYellowstone County Cases: ...
The government has appointed Vikram Dev Dutt as President and Managing Director of Air India Limited
The government has appointed Vikram Dev Dutt as President and Managing Director of Air India Limited
Chanchal Kumar has been appointed as Managing Director, National Highways & Infrastructure Development Corporation Ltd, it said. Kumar, a 1992-batch IAS ...
Citigroup recruits 5,500 young employees in Asia ahead of 2023 target
Former Citi banker says he was expelled for flagging ‘toxic’ Dubai unit
Dahab said he was wrongfully ousted in January 2020 under the guise of a standard redundancy round, when in fact it was down to unfair treatment following ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo