After his extradition to San Diego from Mexico, a man alleged to be one of the top Sinaloa Cartel money launderers was arraigned in federal court on Thursday, June 4, on conspiracy charges.

Nicknamed "El Rey Midas" or "King Midas," Juan Manuel Alvarez-Inzunza, 39, was indicted by a San Diego federal grand jury in 2015 with conspiracy to launder monetary instruments and conspiracy to import, and distribute cocaine and methamphetamine.

'El Rey Midas' as Sinaloa Cartel's Top Money Launderer

Juan Manuel Alvarez-Inzunza allegedly moved millions of dollars for Sinaloa Cartel's leaders, Joaquin "El Chapo" Guzman and Ismael "El Mayo" Zambada, The San Diego Union-Tribune reported

Based on the U.S. Attorney's Office, Alvarez-Inzunza was arrested by the Mexican law enforcement in Oaxaca in March 2016 at the request of the United States. He was held in custody in Mexico until he could be extradited to the United States.

Prosecutors said Alvarez-Inzunza lived in the stronghold city of Sinaloa Cartel, the city of Culiacán. He was also involved in the operation of the Jalisco group.

The top Sinaloa Cartel money launderer was also linked to an international money-laundering network operating not only in the cities of Tijuana and Guadalajara. But also in Panama, Colombia, and even in the U.S. It was confirmed by the Mexican federal police when they announced the arrest of "El Rey Midas."

Based on the information gathered by the U.S. Office of Foreign Assets Control, Alvarez-Inzunza was designated under the Foreign Narcotics Kingpin Designation Act in 2016 for his alleged role in the Sinaloa Cartel.

He ran two businesses in Culiacán, which serves as his alibi. First is the tuna fishing company Nueva Atunera Triton and the Operadora Eficaz Pegaso, a money services business.

The kingpin designation to Juan Manuel Alvarez-Inzunza prohibits U.S.-based entities or individuals from conducting business with him or his companies, 10 News reported.

Meanwhile, prosecutors said that Alvarez-Inzunza was flown from Mexico City to San Diego by U.S. marshals on Wednesday, June 3.

Special Agent in Charge for HSI San Diego, Cardell Morant, said that Alvarez-Inzunza is responsible for why the Sinaloa cartel was able to move millions of dollars in illicit drug proceeds from the United States into Mexico, Justice.gov noted.

The Sinaloa Cartel

Described as the largest and most powerful drug trafficking organization in the Western Hemisphere, the Sinaloa Cartel is an alliance of some of the top capos of Mexico.

Members of the Sinaloa Cartel operate in concert to protect themselves. They rely on connections at the highest levels and corrupting portions of the federal police and military to maintain the upper hand not only against their rivals, Insight Crime reported.

Joaquin "El Chapo" Guzmán is currently serving a life sentence in a Colorado supermax prison, while Zambada remains a fugitive.

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