Inside global black markets: Emmy-winning investigative journalist Mariana van Zeller

2 Jul 2026 · 55 min · 18 chapters

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In short

The episode introduces Mariana van Zeller’s podcast The Hidden Third and her 20+ years investigating “black and gray markets” (estimated 30–35% of the global economy), arguing that these illegal industries are underreported despite affecting issues like immigration, scams, guns, and the opioid crisis.

Guest background

Emmy and Peabody-winning investigative journalist and correspondent; host/executive producer of National Geographic’s Trafficked (five seasons). She previously reported from conflict zones, including Syria after 9/11, and has worked with outlets including Vice and Fusion. She also runs her production company, Muck Media.

Key claims

Black markets persist largely because of lack of economic opportunities and extreme inequality; victims are often exploited rather than the main beneficiaries. Investigations require “access” and careful legal/ethical boundaries (“never cross the line, come back with chalk on your feet”). Press freedom is severely restricted in places like China.

Notable examples

online scam centers in Southeast Asia; U.S. opioid fentanyl supply chains traced to China; Mexico cartels; illegal gold mines in Niger funding terrorist groups; Vietnam bride trafficking with government minders and phone/vehicle bugging; rescue/evacuation during a Niger coup.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Understanding the Hidden Third

1:26 to 2:10

Explore the concept of the hidden third of the global economy.

“the National Geographic series that recently earned a record-breaking number of Emmy nominations.”

Mariana's Journey to Journalism

2:10 to 4:33

Learn about Mariana's early influences and her path into journalism.

“So just to start off, for those who don't know, what is the hidden third exactly?”

The Impact of 9/11 on Reporting

4:33 to 6:46

Discover how 9/11 shaped Mariana's approach to journalism.

“And then I applied the second year, I was put on a wait list.”

Living as a Freelance Journalist

6:46 to 10:40

Understand the challenges Mariana faced as a freelancer in Syria.

“all around the world, banging down doors, right?”

Commitment to Investigative Reporting

10:40 to 13:20

Explore Mariana's dedication to investigative journalism despite challenges.

“I would sort of buy the carpets for like$100,$150.”

Attraction to Black Markets

13:20 to 14:00

Learn why Mariana is drawn to stories about black markets.

“that has a huge impact on us and that we really don't know anything about.”

Uncovering Untold Black Market Stories

14:00 to 18:01

Discover the motivations behind Mariana van Zeller's investigative reporting.

“And then after that, it was one on the death train that carries immigrants from Central America all the way to the north of Mexico who are trying to get it to the United States.”

The Challenges of Producing 'Trafficked'

18:01 to 19:59

Learn about the extensive production process behind each episode of 'Trafficked'.

“And, and yeah, there have been situations where Nagio has asked us, oh, maybe it's better not to do this.”

Overcoming Press Restrictions in Different Countries

20:38 to 24:09

Explore the constraints journalists face in countries like Vietnam and China.

“I recently watched your episode on the sale of brides in Vietnam where you were followed by local minders relentlessly.”

Dangerous Encounters: Reporting in Conflict Zones

24:09 to 28:00

Hear about the perilous experiences of journalists in conflict areas like Niger.

“So I really am constantly in awe of the people that I work with in these countries.”
Show all 18 chapters

Surviving Dangerous Situations

28:00 to 40:07

Mariana van Zeller shares her harrowing experiences in high-risk locations and the emotional toll of being a journalist in dangerous environments.

“And then in the end, we've managed, my team here in L.A., managed to find these crazy pilots that were willing to come and rescue us.”

Memorable Stories from the Field

40:42 to 42:06

Mariana reflects on some of her most interesting and lighter stories from her investigative work, revealing the human side of her experiences.

“You know, we've done some interesting ones, some less depressing ones.”

Reflecting on Trafficked and Future Projects

42:06 to 43:51

Mariana discusses the conclusion of her series Trafficked and her new projects.

“A lot of times it's, you know, stuff that's hard to digest.”

Exploring The Hidden Third Podcast

43:51 to 47:15

Mariana shares insights on her new podcast, The Hidden Third, and its focus on black markets.

“The legal has a lot of gray hairs after Niger.”

What Makes a Great Story?

47:15 to 49:53

Mariana answers audience questions about storytelling and what distinguishes great journalism.

“This brings me to a segment we're calling What It Takes, where an audience member gets to hear more on what it takes to get where you are.”

Navigating Journalist Challenges

49:53 to 52:36

Mariana reflects on emotional challenges journalists face and the importance of empathy.

“I think they're pretty high up on my list.”

Navigating Journalist Challenges

53:19 to 53:51

Mariana reflects on emotional challenges journalists face and the importance of empathy.

“Summer's full of good times and athletic fits right in.”

Navigating Journalist Challenges

53:58 to 54:27

Mariana reflects on emotional challenges journalists face and the importance of empathy.

“You want to get your backyard summer ready, but you don't want to break the bank?”
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Transcript

Automatic transcript. May contain errors.

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0:42No ID, prescription or age requirement. It's the number one OBGYN recommended brand of emergency contraception and it won't impact your future fertility. That's freedom to be. Use as directed. Most people don't know this, but an estimated 30 to 35 percent of the global economy are black and gray markets. And yet we know so very little about them. Today, I'm here with Mariana Van Zeller, one of the world's top investigative journalists who specializes in uncovering global black markets. Inside that pen is a slice of human brain. From online scam centers in Southeast Asia to drivers of the U.S. opioid crisis to cartels in Mexico.

1:21So, serious question, was that when you truly feared for your life? She's an Emmy and Peabody award-winning correspondent, best known as host and executive producer of Trafficked, the National Geographic series that recently earned a record-breaking number of Emmy nominations. There's a line in journalism that you should never cross, but you have to come back with chalk on your feet. She's also host of the new video podcast, The Hidden Third. In this conversation, we'll get into how these underground economies really work, the reporting that has shaped her career, and the dangers of tracking global smuggling.

1:55These are the most stereotyped, stigmatized people in our society. It's the people we consider the bad guys. What I hear a lot is that no one has ever wanted to sit down with them and listen to their stories and understand why they do what they do.

2:09Miranda, thanks so much for being here. Thank you so much for having me. So just to start off, for those who don't know, what is the hidden third exactly? Yeah, it's a good question. I think, like you said, most people don't know this, but an estimated 30 to 35 percent of the global economy are black and gray markets. It's what economists call the hidden third. And yet we know so very little about them, whether we're talking about immigration or scams or guns or, you know, the opiate crisis, drugs. These are all issues that have a huge impact in every single one of us on a daily basis. And yet we know very little about these industries that have become, in many cases, massive industries.

2:50We have news organizations devoted to analyzing every up and down of the global economy, of the legal economy. But very little is known about the illegal economy. And that's what essentially I've spent the last 20 years of my life reporting on. Such a good point. And obviously, so much of this is sparked by sheer curiosity. For you, Mariana, growing up in Portugal, where did that spark of curiosity really come from? And whereabouts in Portugal, by the way, did you grow up? Yeah, so I grew up in a small town outside of Lisbon called Qashqai, sort of a beach town. And I think it all started, I was around 12 years old when I decided I wanted to be a journalist.

3:27So very, very young. But it started because it was mandatory in my household. Growing up, we had to watch the nightly news. We could watch the Brazilian soap operas, which were very, very popular in my house, all over Portugal, but only after watching the nightly news. And I remember seeing these Portuguese anchors talking about what was happening all around the world with so much knowledge and so much sort of grasp of information. And I just thought these were the most incredibly smart people on earth. And I realized I wanted to be like them. I had no idea they were reading from a teleprompter, so they weren't actually memorizing all the information like I thought they would.

4:03But that's when I decided I wanted to be a journalist. So I went to college, to school in Portugal, and I studied international relations. And then once I graduated that, I applied for an internship at a news station in Portugal, a TV, Portugal's largest TV news station at the time. and while working there I knew that the sort of reporting and journalism that I wanted to do was more global and wanted the opportunity to travel around the world. I still thought I was going to be an international correspondent perhaps or international producer for a large organization but I knew that Portugal was a small country and wouldn't be I wouldn't have that opportunity there so I started applying for Columbia's journalism school and I applied the first year and I didn't get in.

4:49And then I applied the second year, I was put on a wait list. And I was super excited. But I didn't get in again. And then it wasn't until the third year, I flew to New York, and I knocked on the dean's door, and I introduced myself. And that year, I was accepted. So it's sort of taught me my first big lesson in journalism, which is persistence, right? You never you never give up. I mean, talk about persistence and chutzpah, right? I mean, like, were you nervous? Did you hesitate in making that ask? Or how did that go for you? 100%. So I remember Columbia University actually discouraged international students from coming to visit because they don't want to give.

5:23There's thousands of people that apply every year and only a few get in. And so they don't want people to go all the way to, you know, New York and Columbia and then, you know, get rejected from the university. But I thought I don't have anything to lose. So I flew to New York with a friend of mine. We had another friend who lived there. So we were able to stay at her house. And I remember going up until the front door of the journalism school and being so nervous and thinking, maybe I shouldn't do this. This is ridiculous. Why would he even see me? Like, this is a terrible idea. But then thinking, really, I have nothing to lose.

5:58You know, I've come all the way here, so I might as well do it. And I was very lucky because at the time, he was the Dean of Academic Studies, Dean David Claytel, incredible man, has since passed away, unfortunately but um I knocked on his door and he sat me down we spoke for about an hour he asked me all sorts of questions about why I wanted to be a journalist and then yeah I remember I was in the newsroom in Portugal uh sort of unhappy doing a story I think I was working at a travel channel a show at the time which I hated and it got me traveling which was fun but I just it wasn't what I wanted to do wasn't it yeah and uh and then receiving an email saying that I'd been accepted and I started jumping up and down and crying and called my parents and they started crying.

6:42And I knew it was the beginning of something of a new life for me. Little did you know that you're going to go on to do that many, many times again, all around the world, banging down doors, right? Exactly. So this was back, I think I read it was 2001. And just a month in to the program at Columbia, you said that you found yourself reporting back to Europe on the events of 9-11. That's right. So I've heard that that experience really kind of set the tone for the type of reporting that you'd like to do. What do you mean by that? Yeah, 100%. I was at home in the morning. I mean, it was around 9 a.m.

7:12I had been studying the night before until late, so I was still sleeping when it happened. And I started getting phone calls on both my landline and my cell phone. And eventually I picked up the landline, and it was the TV channel that I'd worked for in Portugal telling me that, turn on your TV. You know, the World Trade Center is under attack, and I couldn't believe it. and they said you you are the only Portuguese journalist that we know in Manhattan that at the time Manhattan was closed off you couldn't get in or out and we need somebody to go to Midtown to the rooftop of this building and start reporting live on the events um on these events and I I had my mom on the other line who called me and was crying and begging me not to leave the house we had no idea what was happening in New York at that day um I mean it was a very scary and yeah dangerous place to be in.

8:07And yeah, my mom was all the way in Portugal and had no control and was just begging me, please don't leave the house. And, uh, but I, but I did. And I realized that this was an important moment. Um, you know, if I wanted to be a journalist, this is the kind of story that you want to be on the ground for. And so I went up to the rooftop of this building in Midtown and I was surrounded by the biggest, uh, all my journalism heroes and people that I'd watched on television growing up, you know, they were doing their jobs, they were reporting live for their own countries. I was shaking, I was so, so nervous.

8:41I had like terrible clothing on, I had like a nylon shirt that looked horrible, I had way too much makeup, I looked awful. But I was 24 years old. And, and I ended up doing the live reporting. And I remember being very, very excited with the fact that, okay, I can do this, right now. And then walking down to the streets of Manhattan and seeing the first sort of signs of people looking for their loved ones. You had mothers holding photos of their kids and wives with photos of their husbands. And it was just such a traumatic event for everyone who was in New York that day. And for me, it changed the course of my life forever because I realized that, yes, I wanted to pursue journalism, but it wasn't the type, it wasn't journalism where I would just answer the questions as to how, when, and what.

9:34I really wanted to go after the why. And so I wanted to understand why things like this, why events like this happen, and also who, who was behind these attacks, and how can we understand what leads people to do this sort of attack. And so a year after graduating from Columbia University, I moved to Syria, The war in Iraq had just started. I wanted to sort of be close to the action. I wanted to learn Arabic. And that began sort of my reporting on black markets and the underground. It sounds like it was great preparation for what you were going to do next. And it really propelled you forward and gave you a sense of clarity, didn't it?

10:14Yeah, it was really incredible. It was, you know, being a freelance journalist, as you know, isn't easy. I had to figure out a way how to sustain myself because when I first got to Syria, you know, I was an inexperienced. Nobody was going to buy stories from me. So I used to sell carpets. I'd buy carpets in Syria. I'd ship them to my mother. She would have these tea parties and sell the carpets and then she would send me back the money. I would sort of buy the carpets for like$100,$150. She would sell them for like$300,$400. And with that money, I was able to sort of pay for my rent and my food in Syria.

10:50And then it was there that I first started hearing about jihadis, foreign jihadis, foreign fighters who were crossing from Syria into Iraq to fight against the Americans. And, you know, what they saw as the American invasion. And that was the first story that I ever did as a freelance journalist. And it was my entree into black markets. Some story. Yeah. And I had no idea about the carpets. That's actually a very charming detail of your backstory, I think. I love that fun fact. So fast forward, Mariana, you've now had a longstanding career, obviously, serving as a correspondent for various travel or documentary programs for outlets, including Vice and Fusion, obviously, Nachio.

11:29And as journalists, you know, we all seek to make an impact. But of course, with the realities of our industry, that's sadly not what everyone gets to do. How did you find your way into, you know, sticking with the investigative reporting and documentary space? And was it ever hard to stay committed to that space, to your point earlier, especially when other paths might have felt, you know, more commercially stable or straightforward? Yeah, I think it's still hard, even to this day, no matter how many awards you win, and no matter how well, you know, you do your work, I think it's still hard. I think there isn't a lot of people, you know, a lot of news organizations out there clamoring to have investigative journalism stories on their airwaves or radio waves or out there.

12:16It's just, it's expensive. It's risky, particularly the kind of reporting that I do. There's a belief that there's no real audience for that. I disagree. I think that Trafficked, we've done five seasons of the show on Nagio, has really proven that there is an audience out there. It was a very popular show. You know, I think we investigated some very important subject matters. So I think it's just about not giving up and keep going at it. Traffic has come to an end. We did five seasons. I'm very proud of the work we put together. I'm working on another show now that's sort of semi-related to black markets, but not in the scope that traffic does it.

12:57But I still haven't given up on black markets, and I'm still figuring out ways. I started my podcast that's called The Hidden Third, that is about these black markets in a way or another. It's a way that I can have sort of long, raw, intimate, very difficult conversations sometimes with people that inhabit these black markets. Because I truly believe that this is a part of the world, again, a third of the world, that has a huge impact on us and that we really don't know anything about. And so I'm going to keep doing what I think is important and what I love to do. It's not a sacrifice either. I love doing it.

13:33Yeah, absolutely. Well, more on that later, many follow ups to come. But, you know, just to that point, you've been reporting now on black and gray markets for more than 20 years. What was it that initially drew you to that space in particular? Because, you know, you were doing the conflict zone reporting. So obviously used to that gritty environment. But what drew you to, you know, the underbelly and kind of like the underground network side? Yeah. You know, I when I started, I didn't even realize that that's what I was doing. But the stories that I was always attracted to, whether it was in Syria with, you know, the foreign fighters or right after that, I did a story about these illegal gold mines in Brazil.

14:11And then after that, it was one on the death train that carries immigrants from Central America all the way to the north of Mexico who are trying to get it to the United States. So all these stories, if you combine them and the more and more of these stories I started telling, I realized that these are all black market stories. These are all a huge chunk of our world, of our economy, and they, again, have an impact on our world. This is the kind of story that I'm most attracted to, that I'm most interested and curious about. I think that as journalists, I say this often, but as journalists, if you tell people that there's a door and you cannot open that door and see what's behind it, that's exactly what you want to do, right?

14:53In general, as people, that's what we want to do, and particularly if you're a journalist. And so for me, it's that sort of wanting to see what's behind those closed doors and realizing that by shining a light, I can actually make a difference and an impact in these black markets. Probably because those stories are the most untold. Absolutely. Absolutely. And there's victims in all these black markets, you know, and many times it's voiceless victims, people that don't have a platform. So being able to give people that platform is fantastic. Again, it's a real privilege. So take us behind the scenes of Trafficked.

15:31I think a huge reason you've resonated so much is that you often show a lot of the process to your viewers, right? Whether it's on how hard it is to get access, if somebody flakes on you, when you're trying to still find context on the ground. What does it actually take to bring a single episode to air? from research to filming to legal and standards. Yeah. Oh, my God. It's forever. We do 10 episodes a year, which is a little insane because these are all mini films. Every single one of them takes. It's about like three to four months of pre-production. Most of that time is spending just trying to get access because we're getting access to fentanyl labs and cocaine labs in the jungles of Peru and Asian scam compounds and, you know, illegal street racing and fight clubs.

16:20And these are all places and worlds where people don't really want cameras inside. Right. So gaining that access is what takes a long time. And then once we were on the ground, it's we film for about two to three weeks on average per story. And then it's about three to four months after to put each story together, because it's not just about crafting and the editing of it. it's like you said it's the standards and practices it's the legal reviews we have dozens and dozens of legal reviews both by our own team at muck media muck media is the production company i own that also that makes traffic for net geo and by net geo's legal team so it's we have to make sure that everything we put out there is factual that it's fair and yeah and that we're telling a story that is contextualized as well so yeah it takes forever and all these 10 stories that we're doing a year they're sort of being done at the same time so while one I'm might be out in the field filming one but at the same time my team and I I'm also watching the cuts of the stories that are coming in or I'm you know helping plan the next story that we're going out into the field to film so it's all happening all at once.

17:30Ten episodes a year is a lot especially when you consider the amount of time that goes into each one I had no idea you film for like two three weeks at a time in each country. It's crazy. I mean it's all over and you're going obviously on the ground in each one. Obviously also like Nat Geo is backed by Disney, right? So you're like going to be lawyered up to the hilt. So I can only imagine how many like nights you wanted to pull out your hair going through the process. Yes, you have no idea. You have no idea. It is, I have to say, I'm happy we have lawyers and there's, you know, a legal team to protect us.

17:59But at the same time, it is the most frustrating part of the job. Sure. Has there ever been a time, I'm sure there are many actually, but has there ever been a specific moment that like you know they kind of advise you not to do something and you kind of just really pushed and went for it anyway I'm sure that's yeah I think we have a little bit of a logo a thing we a motto sorry that we say in our on our team um that you know just do it and ask for forgiveness later right uh I mean you we go to these places we spend months and months trying to get access. And, and yeah, there have been situations where Nagio has asked us, oh, maybe it's better not to do this.

18:40And we still, we go and do it because at the end of the day, none of us wants to get hurt, right? I mean, we're not going out there because we want to die. None, and I don't want anyone on my team to get hurt. No story is worth the life, obviously, but we are the ones on the ground and we are the ones who have the best judgment to understand what's, what's safe to do and what's not. And I think a journalism teacher once told me, and I love this so much, which one of my favorite lines in journalism that I tell journalism students all the time, which is there's a line in journalism that you should never cross, right?

19:16But you have to make sure you come back with chalk on your feet, right? So you have to make sure that you go as close as possible to that, to crossing that line without crossing it. And And the reporting that I do has always been about that, right? Going, really taking it as far as I can while keeping my team and myself safe, but as close as we can get to reality. I think that's really defined your style of reporting. So good, so good, so good. New summer arrivals are at Nordstrom Rack stores now. Get ready to save big with up to 60 % off brands like Rag & Bone, Levi's, Adidas, and Free People.

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20:30That's Indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed sponsored jobs. I recently watched your episode on the sale of brides in Vietnam where you were followed by local minders relentlessly. as someone who comes from Asia, you know, that's kind of not really unfamiliar to many reporters there, right? There are certainly limits on press freedom. I was curious if there's anywhere that's, you know, ever been completely off limits to you or where you've really felt you've hit hard walls as a journalist. Oh, yeah. China. I mean, so much of the reporting I've done in the past, they're Chinese ties.

21:07I mean, talk about fentanyl. I've reported on the opiate crisis for 15 years now. I've done dozens of stories on fentanyl and it would make total sense just like I've spent so much time in Mexico. The precursor chemicals for fentanyl that are being made, the fentanyl that's being made in Mexico comes from China. A lot of the fentanyl being consumed and used and abused in the United States comes from China. And so for me, it would make absolute sense to be able to go to China and report on this. And yet you know very well, like I do, that that's not something that's possible for us journalists to report freely in China.

21:43And in the bride trafficking story, it was super interesting. We were in Vietnam. We had, like you said, a government minder and law enforcement following us. They were, you know, checking every single question we asked. They would give us notes after because I would always ask the questions they didn't want us to ask. And then we found out that they were bugging our phones and our van and possibly even our hotel rooms. and so it got very sort of strange and kind of dangerous also to be reporting there but we did and we got around and we figured out ways to report on on bride trafficking it's really underreported issue it's horrible we're talking about girls being trafficked and snatched from their families and taken into brothels into family homes in china but we knew that we wanted part of the reporting because all of these victims are ending up in china or many of them are we knew we wanted to do some reporting in China too.

22:39So what we did was we teamed up with a group of undercover Chinese journalists who are really the heroes of this story and who went across the border into China and reported from there using undercover cameras. And we use that as part of our investigation, which is something we would have never been able to do. Yeah. So often there's these unsung heroes, right? And I'm so glad you lift the veil on that. The fact that, you know, There are so many amazing local contacts or journalists that you guys work with that really help open those doors. Absolutely. I mean, a show like Trafficked, and I believe like international investigative journalism wouldn't be possible without the unsung heroes.

23:20Like you said, the fixers, the producers, the local journalists who really have so much more to lose and very little to gain at times, you know, particularly if they're doing undercover work. Their names are not going to be, you know, in bylines. They're not going to be in awards nights winning awards on stage because many times they're nameless and they have to remain so in order to be able to keep doing their work. And they're the ones that have the most to risk because we have the privilege of coming back to our homes and they're the ones that are staying behind. And if anything goes wrong and if the government finds out that what they've done, you know, or cartel.

23:56I mean, that's not just about governments. It's about the cartel, anyone who's reporting out there on crime in general. And where there's lack of press freedom, it's, yeah, they have the most to lose and the least amount to gain. So I really am constantly in awe of the people that I work with in these countries. Do you still have a dream story or white whale that you haven't been in a milk crack yet? You obviously talk about China. Like, is there a specific story that you really want to go there for or in general? Yeah, more countries. I've always wanted to go to Iran. we've been trying to figure out a way to do the Iran story for traffic for a long time but it's really hard to get visas and we've gone through that process um so that hasn't worked yet and then I've always wanted to go there was a story that I really wanted to tell for a long time it's about dino bones dinosaur bones uh which exist a lot in the Gobi desert in Mongolia and um Nat Geo just never uh was never interested in doing that story so I was gonna say that sounds very Nat Geo, dino bones in Mongolia.

24:58Yeah, there's a motto at Nat Geo, which is bones and stones, stories that people aren't interested in. That's so funny. I didn't know that. Okay, well, looking back, what is the hardest story you've ever had to do? I'm sure you're asked this all the time. Firstly, in terms of restrictions, and second, just personally as a human being. Yeah, restrictions, I would say Vietnam was very, very hard. We already work in sort of a high risk environment, right? Myself and my team, we already, you know, when we're meeting with cartel and assassins and traffickers, it's already hard enough as is. And then you add to that the fact that you have the government on top of you, listening and spying on you the whole time, really made it hard.

25:45And obviously, we depend on these sources that operate in these black markets to talk to us. And no one wanted to talk to us because they knew they were being watched too. And in fact, the police showed up at the homes of some of the people that I'd agreed to talk to was and threatened them. So they ended up not showing up. And then in terms of sort of the emotional side of it all, for me, was really Niger was getting stuck. We were doing Niger doing a story about illegal gold mining and how it's funding these large terrorist organizations. And it's in an area where there's Boko Haram and Al Qaeda and ISIS.

26:22They're all operating out of this region, the southern Sahel. And we were there doing the story, and it was going very well. And we spent a night in the desert camping out and filming inside these very sort of deep mines. And it was amazing. I was on cloud nine because for years I've been trying to convince Nat Geo that this was a safe story to tell and that it was important. And so we were there. We had a military escort service. We had like four cars, trucks with military guys with AK-47s, a military convoy with us, protecting us. It was the only way that NGEO allowed us to go. And quite frankly, it was the only way that the Nigerian government allowed us to go out there.

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27:07And then we're coming back with the goods. We had filmed our story. We were so happy. And we came back to the town, to Agadez. And we found out that there had been a military coup. So they'd closed down all the borders and airspace, and we were stuck. And there was an incoming war, possible war. Western African countries were saying that they were going to invade and depose the military government. The Russian government through the Wagner Group were saying that they were going to protect the military government. So there was a proxy war that was about to start in the country. And we were, again, in the middle of this very dangerous part of the world with all these terrorist organizations.

27:46and even kidnapping squads, and we lost our military protection. So we had no protection whatsoever. And that started 10 days of just terror and, yeah, really hard. And then in the end, we've managed, my team here in L.A., managed to find these crazy pilots that were willing to come and rescue us. From L.A.? And we were evacuated. No, they came. They were in Europe at the time. It was through an evacuation company, and we were evacuated. All the other foreign nationals, the majority of other foreign nationals, were being evacuated from the capital. So the French evacuated, the British, even the Portuguese, Spanish, everyone.

28:31But we were very far from the capital. We had no way to get to the capital. So, yeah, so we were sort of left and abandoned there for 10 days isn't a lot, but for us it was very, very scary. 10 days sounds very long in that situation. Yeah, it was. Certainly in an emergency like that. Was that the scariest situation you've ever been in? Absolutely, hands down. I think that often, even when I'm with the cartel, I have never been shot at, but I have witnessed shootouts. I've been in places where, you know, people were shot at the doorstep of my hotel after we were doing an investigation. Like I've been in situations where I've seen bodies and violence and I've been threatened before.

29:12Or we've been with the cartel in Mexico when the Marines were coming and we had to sort of run and flee, you know, for safety. So there have been a lot of hairy situations throughout my life and my career. But in general, there's a sense of control that you have or that I usually have that I know that there's something I can do to extricate myself from that situation. and in this case I had no control no matter what we did there was no way out and no one was coming to rescue us and that was really scary because um yeah it was just a feeling of abandonment not by my team in LA who worked tirelessly to get us out but we just felt like this you know just yeah just we had no control over the situation it was very very scary so serious question was that when you truly feared for your life?

30:08Yeah. I didn't think that people were going to come in and start shooting at us, but I knew that we were high targets, being Americans. We actually filmed an interview with a golden human smuggler, and we did it for our story because we kept reporting on the ground even after we lost our military compound, even after the coup. But I remember asking him, look, we're desperately trying to get out of here. If we pay you, can you smuggle us out of the country? And he said, oh, and he said, absolutely not. You guys are the highest targets right now. You are Americans. You know, there's a lot of people that would stand to make a lot of money from you guys.

30:51So yeah, so I wouldn't go to bed thinking people are going to come in and shoot us. But there is a chance that they'll come in and kidnap us. And if there isn't a war coming, and the war breaks out in Agadez, we have nothing. We have no protection. We're not prepared for a war. And again, yeah, high value targets. So it was scary. It was nerve wracking more than anything. Compounding this is the fact that you're also a mother. Yeah. You've spoken about how you've tried to balance that while working in the field. I'm sure you get asked this all the time, but did that change the equation for you whatsoever when it came to, you know, thinking about the risks you're willing to take or even redefining personal success more broadly?

31:33I am a mother. I have an amazing 15 year old son who I adore. We have a very, very close relationship. I think in many ways I, you know, I live with this guilt as a mother of having to travel around the world and spending so much time away from my son. but I also think that there is a different expectation from men than there is from women right my husband also travels around the world and is a filmmaker and I get asked all the time as a mother how are you able to do the work you do my husband does the same work and doesn't get asked that question right men as fathers don't get asked those questions so I think Clarissa Ward talks about that a lot yeah yeah and I think what I have provided and given my son is the knowledge that I can be a good mother, but I can also be a good professional, that if you have a dream, that you can achieve that dream if you work hard, that there are things that are worth believing in and working hard for.

32:37I think in many ways I'm an example for him of that. And I have to say that I've been the luckiest person in the world because he is the perfect child for me. I remember listening to this interview where this mother had lost one of the kids that was kidnapped during the music festival in Israel by Hamas. And the mother gave an interview the next few days after her son was kidnapped. And she was talking about, the journalist asked, tell me about your son. and she said he's the perfect son for me and that always stuck to me and that in many ways my son is the perfect son for me because he has really he has never shown that he's sad when I leave in a way we he's sort of been used to it because I've been doing it all my life and and we talk about the stories that I investigate and he watches my shows and listens to my podcasts and I think is very proud of the work that I do.

33:43And I'm incredibly proud of him and the man he's becoming. That's really beautiful. And for what it's worth, to be fair, if your husband were here, I would have asked the same thing. And this wasn't on you. Like, I expect you to ask that question. And I'm so happy to talk about my son, because I love him so much. But it is there's a dual standard for double standard for sure. I know what you mean. I mean, how do you protect yourself, though, I guess, when you're exposing all these powerful networks, long after the camera stop rolling. A lot of people asked us when we did an audience call up for this interview, you know, how does she protect herself?

34:16How does she try to stay safe? Are there any certain, obviously without giving everything away, certain safeguards you like to turn to? I think, you know, I know that Disney would much prefer and Nat Geo would much prefer if we travel around the world with bodyguards. It is a constant fight that I have because I don't want to travel with bodyguards and we don't the majority of times, except in cases like Niger, where there is a high risk of terrorism and kidnapping. And, you know, the only way to possibly do it is with a military convoy. But in general, we do not travel with bodyguards. And there's a reason why, is because when we're approaching, you know, these traffickers and smugglers and scammers, we're essentially telling them, look, trust us.

34:59We are not going to disclose your location or your identity. You can trust us. If I show up with bodyguards, I'm essentially telling them, I don't trust you. Why should you trust me? Right. We see the world, I think, in different ways. I'm trying to see the world with an empathetic viewpoint and I'm trying to understand why people do what they do. And, you know, bodyguards and security personnel are usually seeing the world as more of threats. Right. So it often doesn't work in our favor. I think quite the contrary. That's a great point. I mean, because if you go in there, you're obviously trying to build trust and it kind of looks like I already know you could be a bad guy.

35:37Yeah, exactly. I'm already qualifying that person as a bad guy when that is the exact opposite of what I want to do. I do not condone what they do, obviously, but I am very curious about how they become who they are, because I think that understanding the root causes to crime is the only way that we're going to combat crime. Totally. And, you know, we've seen your sources open up massively, maybe in some cases more than you would have even expected, from trained assassins to cartel members to people smuggling animals or human organs. Why do you think people are willing to open up so much, even if it could implicate them?

36:17First of all, it's ego, right? People want to boast. These are some of the best of the best at what they do. And yet sometimes their own families don't know they do it, right? And so we give them a platform and a possibility of doing so with a mask and a distorted voice where they can really talk about how they're the best fentanyl makers in the world or, you know, counterfeit dollar makers or whatever it is that they make. And there's an ego about that that goes with it. And then impunity in many of the places that I report from in the world, such as Sinaloa, Mexico, they don't really see a downside to talking to journalists.

36:55There's a lot of corruption. It's not as if the military and the police doesn't know where they are, or the government doesn't know what they are, they do. But they, you know, there's just a lot of impunity. And then I think the third and most important reason is this wish that we all have of wanting to be understood. These are the most stereotyped, stigmatized people in our society. It's the people we consider the bad guys. No one has ever, or in my experience, what I hear a lot is that no one has ever wanted to sit down with them and listen to their stories and understand why they do what they do.

37:26You know, when I sit across a 16-year-old kid who carries cocaine on his back for days and nights, risking his life, seeing many of his friends being killed by rival groups, and I ask him, why are you doing this back-breaking, really dangerous work that's paying you very little? And he tells me, because I want to go to college, and my family can't afford college, and it's my dream to become a dentist one day, and there is no work in this part of the country in Peru. And this is the only work that's provided for me. You know, when I hear these stories, and then I asked him, why a dentist? And he tells me because all the ads in my town are about dentists, and they all have a big smile, all the people in these ads have a big smile.

38:08And it seems that dentists are making people happy. And so I want to make people happy too. You know, you hear these stories, it is impossible not to empathize, and not to understand that perhaps it could have been us, you know, we could have been in that same exact position making those decisions. And it's actually the lack of opportunities, the lack of options that leads to these, you know, to people that leads people to a world of crime in the vast majority of cases, not always, but in the vast majority of cases. And I've heard you talk about this point. I think it gets so overlooked, right, that black markets usually exist because there aren't better economic opportunities for these people.

38:46So from your experience after decades of reporting on this now, What actually works in terms of creating a sustainable way out? Jobs. Opportunities. I mean, we live in the most, the biggest inequality is happening right now, right? When 10 % of the world lives with less than$2 a day, way below the poverty line. Like people, you've got 10 % of the world, that's 700 and something million people that every day have to worry and have to figure out a way to bring food for themselves and their families. I mean, this is not sustainable. All these millions of people then have to find jobs and have to find a way to feed their families somehow, right?

39:25And they are the easy prey. They're the ones that then turn to black markets and to the lives of crime. They're not the ones really making money, you know. They're still, at the end of the day, the exploited. And so if you really want to make a change in the world instead of, you know, building big walls and militarizing our borders or, you know, going after drug traffickers by exploding fishermen's boats in the Pacific Ocean. You know, the only way to do it is really by creating jobs and opportunities and by sort of ending the incredibly horrible inequality that exists in the world. Yeah, It's just, I can go on and on about this, but it's, yeah.

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40:45You know, we've done some interesting ones, some less depressing ones. We've done some on car racing, street racing that was really fun. We spent a lot of time in New York and L.A. and then in the Dominican Republic seeing these incredible bike and car racings. also dangerous because people actually do die but it was really fun to see something there's a lot of you know really interesting characters around it a lot of adrenaline um fight clubs was also really interesting you hear a lot about fight clubs but you never get to see what's you know the reality um and who are the people so we were in all these backyard fights seeing um people go go after each other.

41:27I'm a big MMA fan. So that was fun to see. So yeah, so yeah, there's there. I don't know if they're my favorite stories, but they were fun to do. Yeah, I was gonna ask if there you have any rituals or routines that you like to keep to kind of stay sane and like, you know, positive while reporting on what can be really heavy, heavy stories? Wine. That's a good universal one, I think. I love my wine. We have a we do have a ritual on traffic when we're reporting in the field, which is I sort of force everyone to go out for a drink or dinner at the end of the night. And I think that's very important because it's our opportunity of talking about what we just saw.

42:10A lot of times it's, you know, stuff that's hard to digest. And it's really important. It's sort of our little therapy session where we talk about work but we also talk not about work we talk about things that aren't related to work we spend so much time in the field together as a crew that becomes part of your family right um and many times some of your closest friends so um i think it's important to yeah just share and and decompress yeah decompress yeah exactly you mentioned obviously traffic just had its final season and in our audience call out a lot of our questions were about why, lamenting this fact, and wondering when we'll get to see you back on linear TV again.

42:49So you kind of teased this just now, but what can you share about obviously the end of this chapter, as well as the new one? Yeah, so I'm working on a new, a different show for National Geographic. I can't say much about it, but I can tell you it's about scams, which is part of the black market as well, but it's a very different take on it. So it's going to look can feel very different from Trafficked, and I'm excited about that. I also, like I said, I started my own podcast. You know, I think we had 50 episodes of Trafficked, which was incredible. I, you know, I'm so proud of my team and the work that we put out there.

43:29Some of the best years of my life filming Trafficked, the opportunity to speak to the people and meet the people that I met all around the world was pretty incredible. but like all good things it comes to an end and I think at the end of the day it was a risky show it's a very costly show and it doesn't mean that I will stop reporting on black markets because I'll keep I'll keep doing it yeah was that what you had planned you had always planned to kind of you know end at a certain point and then maybe move on to the next type of format but the same no I think I would have kept doing it if if they would have renewed us it was Nat Geo's choice not to renew it and partly it's because of the risk and the cost involved in producing it and making it.

44:11The legal has a lot of gray hairs after Niger. Yeah, for sure. And we're living in very, unfortunately, political times, right? So, you know, we talked about fake pharmaceuticals and the growth of militias and white supremacy and these are all issues that can become very political at times. The Hidden Third has been a bright spot, I would assume, in your past year. How has that process been for you? And can you tell viewers, you know, what really led you to really dive into this format as well? Yeah, so we started the podcast in October, so just a few months old. We have, I think, 15 episodes out already.

44:47And I had reported on Black Markets for so long, right? But I hadn't, and all these interviews and people that I meet around the world had fascinating stories. And yet, you know, we'd air like two, three, four minutes of my conversations with them on television. And I realized that I really wanted a platform where I could have long format, intimate conversations with people about the worlds that they inhabit that most people don't know anything about. And they're, again, fascinating stories. And I always say that I see sort of trafficked as being a little bit more of a map of what's happening in black markets around the world.

45:25and The Hidden Third being a little bit of the diary, right, where we actually sit down, we have very long conversations where we understand everything from the background of this person to the crimes or the worlds that they're involved in. And also it's very much about its redemption stories because in many cases we talk to people who have gone through those worlds and have managed to get out. So there's a hope at the end in most of the stories we tell or there's sort of a redemption storyline. I'm really enjoying the series. The Anna Delvey episode where you were really probing her was especially interesting to watch.

46:05That was one of the hardest interviews of my life, believe it or not. Looking further ahead, Mariana, what would be the end game for you here? You know, if we were to sit back down in 15, 20 years, where would you want to be? I think there's a big space out there and a big market out there for the reporting on black markets, from field reporting. Unfortunately, you see even with the closing of the, with the firing of so many journalists at the Washington Post, you know, you see that there is less and less people willing or companies willing to invest in international journalism and boots on the ground journalism.

46:39But I do think that there is an enormous market for it. I mean, you see even without Vice, Vice used to do that very well, right? Fusion, where I worked at Current TV, which I worked, It was the first job I had in television here in the United States. These are all platforms that really double down on boots on the ground journalism and investigative journalism. And we don't have a lot of that left nowadays. So I do think there's a space for that. And what I am trying to build with The Hidden Third is a place not just for in-depth conversations, but it's really to build a media brand around the world of The Hidden Third.

47:13Yeah. Let's watch this space. All right. This brings me to a segment we're calling What It Takes, where an audience member gets to hear more on what it takes to get where you are. Today, Begonia, a journalist based in Hong Kong, asks, with a limited amount of time and attention span, what would distinguish a great story over a good one? What boxes must tick for you? Yeah, it's interesting. People talk a lot about attention span and thinking that, you know, folks out there are only interested in a few minutes of programming or stories. But that's actually not the case. You're seeing one of the things that you're seeing on YouTube is the success of long form podcasts, right, that they're not even listening to.

47:52They're watching. So I do think that there's if the story is captivating, people will watch. And what makes good stories? I mean, I think, again, boots on the ground, like as close as you can be to the reality is more access. I think what made traffic pretty unique was the access, was unprecedented access into these worlds that we hear so much about what we don't actually get to see. And so that's what I keep striving for is how do we get access into these worlds? Thank you, Mariana. Now we're going to do a quick rapid fire round. So ready? What was the craziest item you ever saw trafficked? Body parts.

48:30Oh, my God. I just watched that last night. And it's not even organs, which I knew. Organ trafficking is well known, but body parts is pretty crazy. I have to say, I have to erase from my brain the scene with the brain. I literally watched it last night. So it was a scene with a pen with a little piece of brain inside the pen. It was crazy. I mean, it boggles the mind. Who was the nicest crook you ever met? This is an audience question, too. I would say one of the best stories. Tweety, who was a female scammer in Jamaica, who started scamming because she lost her grandfather and they couldn't afford the$2 ,000 surgery that he needed to stay alive.

49:08and I really empathize with her story. We spent a couple of days together, and I still think about her a lot. Do you ever get survivor's guilt leaving these places? Because I know a lot of correspondents talk about that. Oh, yeah, all the time. You know, I think there was a famous Andrew Lloyd, I think the British journalist who once said, what we journalists do is a journey into some, a day trip into somebody's nightmare, right? So we go there, we tell their story, But then again, we have the privilege of leaving that story behind. And so there's always guilt associated to that. And what I do with that guilt is I try my best to do stories that are compelling, that make people want to watch so that I can give voice to those to those people to live voiceless.

49:53Yeah. Dream interview subject. Dream interview subject. I would love to interview El Chapo. I knew you were going to say that. Yeah. I just knew you were going to say that. I would love to interview El Chapo. Or his son. Or any of his sons. Right. I would love to interview them. I think they're pretty high up on my list. Yeah. Favorite filming location so far? I loved Vietnam. I loved Vietnam so much that when I realized that there was a chance I'd be banned from the country once our story aired, I actually took my husband and my son there on a trip because I wanted them to experience it. I wanted to travel around the country with them.

50:28I don't know if it's if it if I have been banned, but I know that we reported on things that they didn't want us to report so it is a possibility I haven't tried to go back what is something people would be surprised to learn about you I think it's that I I don't take myself uh too seriously or the work that I do even though the work I do is serious I think that people think that maybe I have a very sort of neck that I'm kind of a downer she must be such a downer reporting in these black market world serious and tons yeah and and i'm not i love to have fun i yeah i don't take myself or my work too seriously and uh and i have a very positive view of the world i think that's surprising to people as well i think that knowing that for the majority of the people that i interview that i can find redemption and that i can find things that connect us um even when interviewing you know the people that we consider the worst of the worst in our society um i think that's pretty special and I think gives me hope in the world.

51:32One piece of advice that you come back to often? I think it's my own advice, which is always try to put yourself in somebody else's shoes. And I do this always, even when I receive like negative feedback or hateful comments on the work that I do. I always try to instead, you know, your instinct is to reply back with anger if somebody sends you an angry message. But I try to understand, wait, I don't know anything about this person. Maybe they're got problems of their own. Maybe they're going through a really horrible day. They have they probably have way bigger problems than I do. And so how can I find empathy within me to respond to this person in a compassionate way and maybe give them the only ray of sunshine they'll have that day, you know, and more often than you'd expect, I get messages back from people saying that are way nicer than the first message that they sent.

52:29And that's, again, has made me realize, yeah, that we shouldn't be immediately angry and we shouldn't be fast to judge, that we should all take a beat and try to understand the other person. Well said. Marina, thank you so much. I've enjoyed our conversation. Oh, I've had so much fun. Thanks for having me, Michelle. Thanks for tuning in. If you like watching business stories, my journalist friend, Fernanda Portado, has a fascinating look at the largest baking company in the world that you've probably never heard of. His channel, In the Hyphen, covers U.S. Latino culture, and you can check it out at the link in description down below.

53:04Thanks for joining us on Behind the Business. For more stories on business and leadership, follow us on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts. See you next week.

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From the publisher

“An estimated 30-35% of the global economy are black and gray markets.”

That’s the world our next guest, Mariana van Zeller, has spent years investigating.

From online scam centers to black-market oil, the Peabody Award-winning journalist has built a career going where few reporters can.

"Trafficked" — her hit Nat Geo series — regularly breaks records at the Emmys.

In this conversation, we dive into:

00:00: Introduction
01:18: The "hidden third" of the global economy
02:15: Growing up in Portugal and the path to journalism
03:50: Fighting her way into Columbia University
05:56: Covering 9/11 and finding her calling
09:20: Reporting from Syria and entering the world of black markets
14:34: How "Trafficked" is made
17:09: Navigating danger and censorship

22:23: Dream story
23:17: Her toughest story and most dangerous assignment
34:08: Why her sources agree to be interviewed, even if it could implicate them
36:47: What actually reduces crime
40:17: Why "Trafficked" ended despite its huge popularity — and what's next, including "The Hidden Third" podcast
44:55: Audience question: How to distinguish a good story from a great one
46:01: Rapid-fire round

🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes Thursdays.

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🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

Follow on Instagram: https://www.instagram.com/bymichelletohTikTok: https://www.tiktok.com/@behindthebusinessshow

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