Alejandro Betancourt y Francisco Convit. Foto Archivo
After over a decade of serious allegations against him for illicit activities related to currency differentials and the electric sector, Alejandro Betancourt, is now at the center of a major investigation being jointly led by the justice systems of the United States and Switzerland, with support from the Anti-Corruption Prosecutor’s Office of Spain.
Based on a request from the Zurich Prosecutor’s Office, processed by Judge Santiago Pedraz, head of the Court Number 1 of the National Court, the Economic and Fiscal Crime Unit of the National Police raided the El Alamín castle on the outskirts of Toledo, one of Alejandro Betancourt’s residences in Spain, in search of the Venezuelan businessman who escaped amid a heavy police deployment, including a helicopter.
He was later arrested by British authorities in London, his usual residence, at the request of Spanish justice. After paying a bail of over 300,000 pounds, the founder and partner of Derwick Associates, along with 42 other companies across twenty countries, was released while awaiting extradition to Spain.
Sources from Cuentas Claras Digital indicate that parallel to the raid on El Alamín, the police also conducted searches at the residence of Pedro Trebbau – Betancourt’s Derwick Associates partner – in Asturias and of Francisco D’Agostino in Mallorca.
Spanish media also reported this week that another request from Switzerland sought the review of the electronic devices belonging to Nervis Villalobos.
The Billion-Dollar Opaque Currency Operations of PDVSA with Alejandro Betancourt and Raúl Gorrín
It should be noted that Betancourt was subjected to legal action in Venezuela by prosecutor Tarek William Saab in 2020. However, he benefited from “express dismissals” in cases related to unlawful activities involving currency differentials at PDVSA. Since then, Betancourt reestablished his relationship with the Maduro regime, regaining control of PetroZamora, which was previously managed by brothers Ricardo and Santiago Morón, who have since fallen from grace.
In the oil operation, he partnered with American businessman Harry Sargeant III for the production and export of oil despite the sanctions and blockade imposed by the U.S. This affected his role as a multifaceted collaborator with U.S. authorities, who now identify him as part of the criminal syndicate led by Nicolás Maduro from Miraflores.
Betancourt would be the focus of a major case that Switzerland has been handling for several years related to money laundering resulting from irregular operations based on the currency differential in Venezuela, involving over a hundred individuals, including officials, bankers, financial operators, and businessmen. Hundreds of millions of dollars are reportedly frozen across about 30 Swiss banks in connection with multiple criminal cases.
In Betancourt’s specific case, the arrest order is based on the case known as Money Flight, uncovered by U.S. justice in 2018, in which the main accused was Francisco Convit Guruceaga, who escaped from a detention center of SEBIN in Caracas and is currently unaccounted for.
The Looting of PDVSA: The Testimony of the Key Witness
Although Betancourt’s name does not appear in the formal charges of Money Flight, it has always been suspected that the so-called Conspirator 2 is actually Alejandro Betancourt.
According to sources consulted by Cuentas Claras Digital, the reason for Betancourt’s absence in the Money Flight indictment could be attributed to his collaboration with U.S. authorities in this case, as he has previously done in other investigations where he was implicated but always emerged unscathed.
Betancourt’s cooperation in cases he was linked to was also evident in Spain, where, despite ostentatious signs of sudden wealth—like purchasing a castle—he had never faced justice until now. The fortune amassed at the expense of public funds in Venezuela allowed him to hire some of the most renowned image consultants and law firms.
Currently, according to sources from Cuentas Claras Digital, Betancourt has contracted Spanish lawyer José Antonio Choclán Montalvo, whose firm is known for its ability to secure favorable arrangements with the prosecutor’s office. Among his most notable clients is Víctor De Aldama, who, after being pointed out in the Delcy Gate and Koldo cases, is now one of the main collaborators of the investigators in that case.
What’s Next
The corresponding British court will examine the Spanish request to ensure it meets the formal requirements regarding documentation, motivation of the crime, and legal equivalency. Following that, it will assess whether the attributed acts would also be punishable in the United Kingdom, applying the principle of double incrimination, and whether there are any reasons that would prevent extradition, such as the risk of human rights violations or the possibility of unfair treatment. If the British court deems it appropriate to authorize the extradition, the final decision will rest with the British executive authority, the Home Secretary.
Both Betancourt and the Spanish parties could file appeals within the British judicial system, which could prolong the process. If extradition is ultimately authorized, arrangements will be made for his transfer to Spain under custody so that Betancourt appears before the National Court. In the meantime, the businessman may be subject to precautionary measures such as passport retention, police monitoring, or the obligation to report regularly to authorities, depending on what the British court decides. The entire process could extend over several months or even a year.