By Elisinio Castillo

As BoxingScene.com reported on Thursday, former two-division world champion Celestino 'Pelenchin' Caballero was arrested in Panama after law officers discovered 10 kilos of what they suspect was cocaine in the boxer's vehicle during a traffic stop.

A prosecutor for the local Attorney General's Office, which handles drug related crimes, said Caballero was apprehended on a highway transporting 10 packages that are allegedly filled with cocaine in a Toyota Corolla with plate number AJ 3359. During a search of the vehicle, they found 5 kilos in the trunk, hidden within a toolbox, and then another 5 kilos were found in a plastic bag.

The drug have a street value of $600,000 USD. The boxer was alone in the car and did not resist officers.

Caballero was taken to a local police sub-station and then he will be handed over a united specializing in drug prosecutions.

After 16 years in the sport, the former champion announced his retirement in November of 2014, due to a retina injury after 43 fights with 37 wins.

According to the Caballero's lawyer, Victor Orobio, the boxer admitted to authorities on Friday that he was transporting cocaine.

According to Panamanian law, a drug offense carries a prison term between 8 and 12 years.

"He recognizes that he committed a crime. He regrets to have been involved in such unfortunate events like these," Orobio said.

The lawyer also said that Caballero did not implicate others - when police grilled him for information regarding the source of the drugs and to name the other individuals who are involved in the operation.

"He stated that he does not know who are the owners of the drugs. He can not identify them or provide information," Orobio said.