Scandalous drug lord Joaquín Guzmán Loera, also called “El Chapo”, was previously the head of the deadly Sinaloa drug cartel in Mexico, and was indicted in February 2019 of running a continuing criminal endeavor along with a few other drug related charges. According to the filings, a few witnesses, including a portion of Guzman’s partners, affirmed during his months-long preliminary that they would sell a kilogram of cocaine in New York for up to $35,000 and a similar measure of heroin somewhere else for an average of $55,000. In July 2019, he was condemned to life in jail in New York on a Wednesday. Amassing such a great amount of wealth, one can only wonder how much much money was seized from El Chapo. Well, let us find out.
Who Is El Chapo?
Joaquín Archivaldo Guzmán Loera was born on 4 April 1957, which currently makes him 63 years old, and is commonly known as “El Chapo” (“Shorty”) because he is 5 feet 6 inches tall. El Chapo is a Mexican drug lord and the previous head of the Sinaloa Cartel, an international crime syndicate. He is thought to have been the most powerful drug trafficker all across the globe.
Born in Sinaloa, El Chapo was brought up in a poor farming family. He persevered through physical abuse on account of his dad, and furthermore entered the drug business through his dad as well, helping him grow cannabis for nearby sellers during his initial adulthood. By the end of the 1999970’s, Guzmán started working with Héctor Luis Palma Salazar who was one of the country’s rising drug lords. He helped Salazar map courses to move the narcotics through Sinaloa and into the United States. He later administered coordinations for Miguel Ángel Félix Gallardo, one of the country’s driving top dogs during the 1980s, yet Guzmán established his own cartel in 1988 after Gallardo was arrested.
Guzmán managed activities whereby mass cocaine, methamphetamine, cannabis, and heroin were cultivated, smudged into, and circulated all through the United States and Europe, the largest international users. He accomplished this by spearheading the utilization of circulation cells and long range tunnels close to the outskirts, which empowered him to trade a bigger number of drugs ever into the United States than some other dealers. Guzmán’s authority of the cartel additionally brought massive riches and influence; Forbes positioned him as one of the most influential individuals on the planet between 2009 and 2013, while the Drug Enforcement Administration (DEA) assessed that he coordinated the impact and abundance of Pablo Escobar.
El Chapo Money
For around three decades, El Chapo, 63, sold enough drugs and as a result, constructed an enormous fortune, big enough that his name appeared on Forbes magazine’s yearly list of billionaires multiple times in a row (four to be exact), starting in 2009. In his 30 year long career as one of Mexico’s wiliest and best drug rulers, Joaquín Guzmán Loera or El Chapo, got such a tremendous amount of money selling drugs that he once owned a couple of yachts, an armada of Learjets and a private zoo with tigers, crocodiles and panthers.
During those years, the outlet assessed that in any event he was worth at least $1 billion. As indicated by court papers, the Mexico local was assessed to have dealt with more than $11 billion worth of cocaine, more than $11 million worth of heroin and $846 million worth of cannabis, as the head of the Sinaloa Cartel. These estimates were according to a recent report by The New York Times. Consolidated, those appraisals suggest that Guzmán made more than $12.67 billion.
El Chapo Net Worth
According to a 2016 estimate, his total net worth was approximately $2 to $4 billion. However, what is El Chapo’s net worth in 2020? There has been around an 8 percent increase in inflation from 2016 to 2020. Therefore, there is not much of a difference between what his net worth was in 2016 and what it is today. In order to get a rough idea, $2 billion in 2016 is equivalent to almost $2.2 billion, while $4 billion is equivalent to almost $4.3 billion.
How Much Money Was Seized From El Chapo?
There are currently no records of how much money was seized from El Chapo, but as per a court filing, federal prosecutors want the drug lord to forfeit a hefty sum of over $12.6 billion to the United States government. In July 2019, the proposal, filed by prosecutors, stated that this large amount of money represents property “constituting or derived from” the crimes pertaining to his drug business and the property that “facilitated the commission of those crimes.”
Jeffrey Lichtman, one of El Chapo’s lawyers, alluded to a testimony from previous cartel associates who had said that Guzman was facing financial problems. This point was raised in one of the trials. In one of the trials in July, Lichtman stated, “This is largely an academic exercise as the government has never located or identified even a penny of this $12.7 billion in proceeds supposedly generated by Mr. Guzman”.
However, the report that the prosecutors filed says that they do not need to provide evidence for the fact that Guzman can actually pay the forfeiture, and “criminal forfeiture is viewed as part of the sentencing process.” On the other hand, the judge stated that there is a “mountain range of evidence” against the trafficker that strongly countered the statements made by his lawyers.
Will El Chapo’s Money Belong To Whoever Finds It?
Be that as it may, the money that the prosecutors need to seize from the head honcho stays to be found. In 2016 prosecution naming Guzman and his fellow cartel pioneer Ismael “El Mayo” Zambada said that upon conviction on the principal check — running a proceeding with criminal venture — the United States would look for proceeds or property acquired through or utilized for that undertaking, “including yet not restricted to at least around, $14 billion.” However, in his 2019 trial, the prosecution reduced this money to around $12.7 billion.
Forfeitures for sentenced cartel pioneers are not uncommon. Different drug lords have been ordered to surrender large sums of money. After confessing in 2010, previous Gulf cartel pioneer Osiel Cardenas Guillen, who Guzman might soon enough join at ADX Florence, was requested to relinquish $50 million. In 2017, Alfredo Beltran Leyva, once head of the Beltran Leyva Organization, was condemned to life in jail and was ordered to relinquish $529 million which was decreased from the US government’s $10 billion solicitation.
The $14 billion the legislature anticipates from Guzman is the highest amount yet that has been appointed to his crimes, however, how the prosecutors showed up at that number or at the conclusion that such a huge amount of cash even exists under the El Chapo name, is not clear. According to Duncan Levin, a previous associate US lawyer who zeroed in on illegal tax avoidance and resource relinquishment, the $14 billion was “the cumulative amount of money based on his drug-trafficking enterprise, but [US prosecutors] never really spelled out what the $14 billion comes from.” He revealed this in an interview with Business Insider.
Levin further went on to state that “The US government is going to seek a forfeiture judgment against him in the amount of money that they estimate is the proceeds of his offense. Whether he’s worth it or not, whether he can pay for it or not, is almost immaterial.”
His drug cartel has obviously made him quite rich, so there is no doubt that he does have the money, however, whether or not the United States prosecution can prove a specific dollar amount, is unclear. Nevertheless, they are allowed to take guesses and make estimates in order to get to a dollar amount, and most probably that is exactly what they will do.
The idea of the business and of narcos like Guzman implies a significant part of the money has just been spent. A previous cartel member who affirmed against Guzman said that along with private planes, yachts, and sumptuous worldwide excursions, Guzman purchased homes on each sea shore and in each state in Mexico. At his Acapulco beach house, the witness stated, Guzman had a zoo with a “little train” he could ride to see lions, tigers, and jaguars.
There are additionally more viable ventures, similar to farms and retail property, that help launder grimy cash. In the Sinaloa state capital of Culiacan — presently allegedly Guzman’s son’s turf — they have dairy ranches and shopping centers. They even have daycare centers. Narcos additionally subsidizes churches, sports groups, and noble causes to construct goodwill. The loss of subsidizing was regretted by some in Guzman’s old neighborhood after his conviction.
Finding these assets in Mexico, holding onto them, and extricating their worth should be a reciprocal exertion. Therefore, it is exceptionally impossible that they will discover nothing. However, the question is the manner by which and the effort that the Mexican government is willing to put into helping the United States government in attempting to effectuate a relinquishment request. According to Levin, at the end of the day, the US government will end up with a cash judgment that would not be gathered easily.
El Chapo’s influence and authority matched that of Pablo Escobar along with the wealth he had amassed. However, authorities still have not seized the entire amount and are on the lookout for it.