Venezuela’s millions, a businessman, and his deletion attempt

Roughly four months ago, Nicolás Maduro was arrested in Venezuela by U.S. special forces and brought to the United States. In the indictment, U.S. prosecutors accuse Maduro and others of having built a drug network protected by state authorities over many years, smuggling large quantities of cocaine into the U.S.

For years, Maduro has faced criticism over serious allegations of corruption and money laundering surrounding the state-owned oil company PDVSA. Elites close to the government are said to have profited from this. The Spanish real estate firm Columbus One Properties Management, S.L. – which has since been renamed Chesa Properties Management SL – has also been mentioned in connection with suspected money laundering operations involving PDVSA. In 2024, one of the company’s former managing directors, businessman Ramiro Iturralde Ale, attempted to have his personal data deleted from North Data. Iturralde Ale told North Data Blog that this was done strictly to "safeguard privacy" and prevent the dissemination of "inaccurate or outdated information".

A Billion-Dollar Currency Trick

At the heart of one of the largest PDVSA corruption cases was a sophisticated currency trick, which was used to plunder state coffers, particularly from the early 2010s onwards. The principle relied on the enormous gap between the official and the black-market exchange rates: consortia of entrepreneurs close to the government granted loans to PDVSA in Bolívars, the real market value of which was comparatively low. However, repayment was made in foreign currency – at the exchange rate artificially fixed at a low level by the government – allowing the lenders to pocket hundreds of millions of dollars in profit instantly.

US authorities illustrate how lucrative this system was in an indictment: someone who exchanged around $10 million into Bolívars at the real market rate in 2014 and then converted them back into dollars via the state’s preferential rate could extract approximately $100 million within a short period. This arbitrage trading, secured by political proximity, multiplied the invested capital many times over. Estimates suggest that more than $20 billion was siphoned out of Venezuela through such foreign exchange fraud schemes.

Real Estate as a Laundromat

To disguise these profits, those involved relied on a web of banks and investment vehicles in Europe – including real estate investment firms in Spain through which PDVSA funds were funneled – according to U.S. investigators. One of the anonymized companies is described in the U.S. indictment as a 'money laundering front operating as a real estate investment firm' in Spain and is linked to José Vicente Amparan Croquer. In Spain, Amparan operated the real estate firm Columbus One alongside Iturralde Ale and other partners.

Iturralde Ale, however, describes his role as that of a "passive minority investor" for a period of "approximately one year" with "no operational role in the management of the company or its activities". Official records from the Spanish corporate registry indicate a more formal involvement: Contrary to his description as a mere investor, the records list Iturralde Ale as Joint Managing Director (Consejero Delegado Mancomunado), Secretary, and authorized signatory (Apoderado) between 2015 and 2018. When confronted with these specific executive appointments, Iturralde Ale declined to elaborate, stating he had already provided a response regarding the nature of his involvement.

The legal counsel for the firm – now Chesa Properties Management SL – emphasized to North Data Blog that while individuals were named in the U.S. case, the company itself has never been indicted or subject to formal charges in the United States. Yet, in 2018, an official notice published via the Vienna Stock Exchange disclosed an anti-money laundering flag regarding Columbus One and Amparan Croquer, directly citing the U.S. investigation. Regarding this notice, the company’s counsel told North Data Blog that the flag arose as a consequence of media reports following Amparan’s indictment. They maintained that the firm took 'immediate and decisive remedial action' by promptly removing Amparan from all corporate functions. The company’s counsel further stated that Amparan has since ceased to hold any shareholding interest and no longer maintains any relationship with the firm.

Amparan’s own conduct was further documented in January 2026. A report by the investigative network OCCRP cited tape recordings in which Amparan and other participants describe in detail how they concealed the flow of money. Iturralde Ale told North Data Blog that his relationship with Amparan was "limited to that of a co-investor within the context of the project" and that he had "no insight" into Amparan’s other professional activities.

Exoneration in Spain, Open Case in the USA

In Spain, the investigation into Columbus One resulted in a dismissal of the case. After the company successfully sued against a further extension of the investigation, the proceedings were dismissed in January 2025. An expert report was cited as showing the traceability of the disputed transactions. The court reasoned that the mere fact that some investors are themselves under suspicion of money laundering was insufficient to classify all of the company's business activities as criminal. Despite appeals from the public prosecutor's office, the Spanish judiciary stands by its view: the dismissal was confirmed in September 2025.

The legal counsel for Chesa told North Data Blog that, following an "exhaustive" investigation, the court found the accusations to be unfounded and the company considers the matter resolved. Iturralde Ale also stated that the investigation into his person resulted in a 'full dismissal,' which he claims confirmed he 'bore no involvement or responsibility whatsoever'.

In the US, his former business partner Amparan Croquer meanwhile continues to be sought via an arrest warrant as a "professional money launderer".