Venezuela’s Attorney General Tarek William Saab initiated the second wave of arrests tied to the laundering of state funds. Former President of oil firm PDSVA Tareck El Aissami, ex-economy minister Simon Alejandro Zerpa, and entrepreneur Samark Lopez were accused of laundering funds paid from unregistered oil sales. The three individuals were charged with laundering these assets and funds through exchanges and crypto mining firms.
Venezuela arrests high-profile figures in money laundering case
The scheme, which involved assigning and liquidating several crude assignments was overseen by Tareck El Aissami and former crypto regulator Sunacrip boss Joselit Ramirez. It was carried out using digital assets and cash, aiding the perpetrators to evade national controls. Aside from the three individuals, about 54 people have also been charged in the case. The Attorney General noted that he was duly made aware by informants that El Aissami and Ramirez used the cover of sanctions against Venezuela to evade standard procedures.
According to the informants, the individuals once received a $35 million payment into an account of a fake company set up with part of it converted into digital assets. Although Saab did not disclose the figures, an earlier report noted that about $20 billion was lost through illegal sales. The funds were then laundered using digital assets and other methods.
The use of crypto in crypto laundering schemes
The Attorney General clarified that the case was difficult to investigate due to the use of cryptocurrencies in laundering the funds. In his statement, he noted that they used the “most modern” method of the financial system to carry out their activities. He added that the assets were used to mask their activities and evade responsibilities. He noted that they used the crypto exchange Kraken and another platform based in the United States to make it hard for national oversight organizations in Venezuela to detect them.
Saab also mentioned that the individuals received oil payments abroad to avoid being detected. Some of the funds recouped from the sales were also moved into mining firms across the country with approval from El Aissami. After their activities came to light, the arrest of Tareck El Aissami and his accomplices was ordered. However, Ramirez was arrested more than a year ago after President Nicolas Maduro ordered Sunacrip to intervene in the investigation.
Saab thanked the president and other agencies for their intervention in the investigation. “I want to thank the President of the Republic, Nicolás Maduro, for his unconditional support for the progress that the Public Ministry has been making around this issue and all the other investigations involving Venezuelan justice,” Saab said. He also noted that the arrested parties will be charged with treason very soon.
This story was sourced from OCCRP.
