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Tue Oct 26, 2021, 03:50 PM
Nevilledog (31,784 posts)
Prosecutors in Detroit uncover massive money-laundering operation between U.S. and Dubai
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@WendySiegelman
Federal prosecutors in Detroit seized $12million allegedly part of money laundering operation called "The Shadow Exchange" operating between US & the United Arab Emirates - some $ bought armored vehicles for illegal drug trafficking op in MI by @paulegan4
A forfeiture complaint unsealed Thursday alleges some of the money was used to buy armored vehicles for a Michigan drug trafficking operation.
freep.com
5:18 AM · Oct 26, 2021
https://www.freep.com/story/news/local/michigan/detroit/2021/10/22/feds-detroit-seize-12-m-international-money-laundering/6126386001/
Federal prosecutors in Detroit have seized about $12 million in cash they allege was part of a massive money laundering operation, called "The Shadow Exchange," operating between the U.S. and the United Arab Emirates.
A forfeiture complaint unsealed Thursday in federal court in Detroit alleges that some of the laundered money was used to buy armored vehicles for an illegal drug trafficking operation based in Michigan.
The shell companies involved in the scheme, mostly located in Dubai in the United Arab Emirates, used fake invoices and other methods to disguise the origins of money, sent to banks — including major U.S. banks — using dozens of wire transfers, the complaint alleges.
"An organized group of individuals operated an unregistered U.S. dollar money transmitting and money laundering business (the 'Shadow Exchange') based in Dubai," the complaint alleges.
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