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The FBI seized an estimated $65 million in cash today after a series of raids targeting businesses in the LA Fashion District suspected of laundering drug money. According to the LA Times, drug cartels used businesses in the garment district to convert dollars into pesos. A maternity apparel wholesaler was even allegedly involved in a ransom money exchange with a Sinaloa cartel. In total, nine were arrested in the raids.
"Los Angeles has become the epicenter of narco-dollar money laundering with couriers regularly bringing duffel bags and suitcases full of cash to many businesses," assistant U.S. attorney Robert E. Dugdale said in a statement.
· L.A. is 'Epicenter' of Cartel Money Laundering, U.S. Official Says [LA Times]
· Michigan Police Busted a $15,000-a-Day Shoplifting Ring [Racked]
· Hermés Collection Robbed Because French Drivers Sought Coffee [Racked]