One of the world's largest 'underworld bankers' has been arrested. It concerns Muhammad A. (46), who is said to have laundered billions on behalf of Dutch top criminals such as 'Bolle Jos' and Ridouan Taghi.
The man is known within the cocaine trade world as 'Saad de Paak'. That name refers to his country of birth, Pakistan. He was arrested in Dubai and is being held there. The arrest took place in July, but journalists from Follow the Money and the AD have now confirmed the news via the Spanish police.
The arrest is part of a large international police investigation that began in 2021. Besides A., nineteen other suspects have been arrested in Spain, Dubai, the Netherlands, and Egypt. Investigators also seized real estate, luxury vehicles, and bank accounts.
'The biggest drug banker'
Law enforcement suspects A. of helping drug criminals launder their money. He is said to do this with an international network of 'underground' bankers known as 'Dubai Bank'. One of his accomplices is said to be Thanas B., who was sentenced to seven years in prison in 2024.
A. is considered one of the largest 'drug bankers' in the world, says AD crime journalist Yelle Tieleman. "If not the very biggest. His arrest is a strong blow to the underworld. Sources within law enforcement say: 'This is someone who connected all the key figures in international cocaine smuggling and managed their assets.'"
Connection with mafia and Taghi
Tieleman, together with Follow the Money, discovered that A. did business with the fugitive Jos L. alias 'Bolle Jos', who has been residing in Sierra Leone for several years. There is also a link with Taghi: during a trial against Ridouan's son Faissal Taghi, A.'s name already came up.
Furthermore, A. is said to collaborate with the Bosnian-Dutch drug dealer Edin G. and Raffaele Imperiale, one of Italy's most notorious mafia bosses. They both, like A., regularly stayed in Dubai.
Dutch police satisfied
The Dutch police also assisted with the investigation that now led to the arrest of 'Saad de Paak'. Police chief Robin de Jager of the National Investigation and Intervention Unit cannot specify the exact role the Netherlands played. However, he calls the arrest "good news."
De Jager and his team have been investigating underground bankers since 2017/2018. When they succeeded in cracking encrypted chat services like EncroChat and Sky ECC, they gained much insight into the methods of these 'drug bankers'. They discovered that A. is seen by many criminals as the most important and powerful underworld banker.
According to De Jager, people like A. are "crucial to keeping the drug trade alive." Without these illegal bankers, international drug deals cannot take place. It is very difficult to transport large sums of cash across borders.
In underground banking, criminals move money within a network of so-called money brokers out of sight of financial regulators. This can involve cash converted into cryptocurrencies. This way, large drug shipments can be paid for, but also corrupt customs officers or perpetrators of liquidations.
Successor ready
A. may be one of the biggest 'drug bankers', but his arrest does not mean the end of the business model for cocaine dealers, De Jager fears. "If Saad disappears, another party will step into the gap. So we are already focusing on the next target."
Relatively little is known about A.'s background. Dutch investigative journalists did discover that he worked for a currency exchange office in Abu Dhabi and that he owns at least 34 properties in Dubai.
It is currently unknown whether 'Saad de Paak' will be extradited or tried in Dubai.