The Spanish National Court (Audiencia Nacional) has intensified its pursuit of Rodolfo Reyes, the former owner of the airline Plus Ultra, following evidence that a significant portion of a 53-million-euro government rescue package was allegedly funneled into a global network of offshore accounts. Judge José Luis Calama, presiding over the investigation, issued an international arrest warrant for the Venezuelan businessman in 2024, citing his role in an alleged scheme to misappropriate public funds.
According to court filings from the Anti-Corruption Prosecutor’s Office, the investigation centers on the rapid transfer of state aid funds to shell companies immediately after the capital was injected into the airline. Prosecutors allege that these funds were routed through entities in Gibraltar, Switzerland, Montenegro, the United Kingdom, and Mauritius, effectively obscuring the money’s origin as it moved through a sophisticated money-laundering network.
The Trail of Digital Evidence
The investigation into Reyes gained significant traction following intelligence provided by the United States Department of Homeland Security. In 2021, U.S. Authorities detained Reyes at Miami International Airport, where they seized and cloned his mobile device. The digital forensic analysis revealed communications linking the businessman to the internal operations of Plus Ultra and mentions of the former Spanish Prime Minister, José Luis Rodríguez Zapatero.
In a message dated July 22, 2020, recovered from the device, Reyes forwarded an update regarding a meeting between airline executives and officials at the Spanish Ministry of Transport, including then-Secretary of State Pedro Saura. After noting that the meeting had been “pleasant” and facilitated by “high-level recommendations,” Reyes added, “Yes, bro. Our pal Zapatero is behind it.”
Allegations of Organized Criminal Activity
Judge Calama and prosecutor Elena Lorente have identified Reyes as a key figure in a broader criminal organization that includes Dutch national Simon Leendert Verhoeven and Peruvian citizen Luis Felipe Baca Arbulu. The court documents indicate that these individuals utilized shell companies—identified as Valerian Corporation SA, Allpa Wira Trading AG, and Wailea Investment Ltd—to layer the illicit funds. Prosecutors further allege that these entities were involved in the trade of gold of unknown origin, which was sold to buyers in Dubai as a means of laundering the misappropriated state capital.
The Anti-Corruption Prosecutor’s Office has highlighted evidence suggesting that Luis Felipe Baca Arbulu allegedly provided cash to Reyes during the period when the airline was negotiating the state rescue, raising suspicions that the funds were intended for bribery. The court has formally charged the suspects with organized crime, influence peddling, misappropriation of funds, and money laundering.
Current Status of the Investigation
While the investigation into the diversion of the 53 million euros remains active, the whereabouts of the primary suspects remain unknown. Two months ago, the Anti-Corruption Prosecutor’s Office reiterated its request to Interpol for the effective enforcement of the international arrest warrants, providing additional documentation to satisfy the agency’s requirements for the ongoing criminal case.
Despite the ongoing judicial scrutiny, the corporate structure of Plus Ultra underwent changes in October 2025, when Reyes and other Venezuelan directors exited the board of directors. The airline reported these departures as standard corporate governance updates, even as the National Court continued its secret proceedings against the former owners.
The court is currently waiting for international law enforcement partners to execute the pending arrest warrants as the case remains under seal.
