Venezuelan gold laundering network allegedly moved $1.1 billion

An investigation by the French Financial Markets Authority (AMF) has linked a money laundering network, known as the Zapatero case, to the alleged looting of over $1.1 billion from Venezuelan gold sales. The probe focuses on the activities of Simon Leendert Verhoeven, a Dutch national residing in Switzerland, and Luis Felipe Baca Arbulu, a French citizen of Peruvian origin.

Investigators identified large financial flows without economic justification moving between companies managed by strawmen. These transfers reportedly benefited individuals subject to international sanctions, specifically referencing the government of Nicolás Maduro. Evidence found on Baca Arbulu’s phone included screenshots of gold transport operations totaling hundreds of millions of euros.

Swiss authorities confirmed that intercepted communications revealed significant activity involving the movement of large quantities of gold, including transactions with the United Arab Emirates-based firm Noor Capital. The organization, which also includes Romain Bruere, allegedly facilitated the investment of massive sums into various assets for foreign individuals, with a particular emphasis on South American clients.