Argentina investigation targets officials over $1 billion gold reserve loss

Federal prosecutor Gerardo Pollicita is investigating financial operations involving the Central Bank of Argentina (BCRA) gold reserves that resulted in a loss of approximately $1.023 billion (1.5 trillion pesos) during 2025. The investigation seeks to determine the responsibilities of Economy Minister Luis Caputo and Central Bank President Santiago Bausili regarding these derivative transactions.

Pollicita has requested that the General Audit Office (AGN) provide complete documentation, including working papers and dissenting opinions, to clarify how these operations were authorized. The probe also examines the role of Deutsche Bank as a counterparty, noting that both Caputo and Bausili previously worked at the institution. The investigation aims to identify potential conflicts of interest, the selection process for the bank, and the specific regulations that permitted such transactions.

The legal action follows a complaint alleging fraudulent administration, abuse of authority, and breach of official duties. While the investigation focuses on the specific losses from these operations, government officials have defended the management, stating that the general revaluation of precious metals yielded a net positive balance exceeding $2.5 billion during the same period.