One of al-Qaeda's favorite bankers has been busted in India after a year-long manhunt. Naresh Jain is accused of running a worldwide money laundering empire from his Dubai headquarters that handled over $2 billion a year from terrorist groups and drug traffickers, the Independent reports.
Jain, who skipped bail in Dubai last year, was known as the "Hawala King" because of his extensive use of the halawa system of informal, trust-based money transfers in the Middle East. "He operated beyond cultural barriers, money-laundering for various major criminal networks, and his arrest is hugely significant," an Indian police source tells the Telegraph.
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