JP Morgan Chase & Co (JPM)

[Saving Grace]

Authorities seized a cargo ship carrying nearly 20 tons of cocaine in Philadelphia last month. According to CNN Business, the vessel, happens to be owned by a fund run by banking giant, JPMorgan Chase.

A source told the outlet that the ship, operated by Swiss-based Mediterranean Shipping Company and named the MSC Gayane, is a transportation strategy fund managed by the bank’s asset management unit. This meaning that while the JPMorgan Chase company may own the ship, “it does not have any operational control of the vessel.”

JPMorgan Chase did not return PEOPLE’s request for a comment.

Law enforcement agents discovered the the cocaine on June 17 after searching through the cargo hold on the ship. Authorities estimate the 30,000 pounds of cocaine found at the Philadelphia ship port has an approximate street value of over $1 billion.

Seized Cargo Ship Carrying 20 Tons of Cocaine Owned by JPMorgan Chase