Ryan Knudson

A week later, they were following Yu again and decided to detain him.

You eventually pleaded guilty to one count of conspiracy to operate an unlicensed money-remitting business.

A lawyer for you declined to comment.

A spokesman for JPMorgan Chase said, quote, Our anti-money laundering monitoring program performed as intended in this case.

As for Zhang, after years of piecing together his alleged money laundering operation, investigators decided in May of 2023 that they were ready to make their move.

By this point, the agents had a warrant for Zhang's arrest, and they had attached GPS trackers to cars he used.

When they tracked him down, they saw him come out of a house carrying a white grocery bag.

Later, they pulled him over for texting while driving and arrested him.

Zhang has pleaded not guilty to money laundering and drug trafficking charges.

His case is expected to go to trial next year.

In total, 24 people have been indicted following the Fortune Runner investigation.

Half of them pleaded guilty.

The other 12 were either at large or headed to trial.

So you have taken down a part of this operation.

How big of a deal is that for the overall cartel and their drug trade?

Does it make an actual dent or is it just sort of like whack-a-mole?

How much bigger do you think this goes?

I mean, do you think that you took out a massive chunk of it or just the tip of the iceberg?

What do you think this will do to the rise of Chinese money laundering groups, though, and this whole two-sided market that Zhejiang was able to allegedly take advantage of?

That's all for today.