US detains man accused in multi-billion Venezuelan money laundering scheme

October 12, 2026

A 62-year-old Colombian businessman, Álvaro Pulido, has been arrested in the United States on charges of laundering over $2 billion connected to Venezuelan government corruption schemes. American authorities allege that Pulido and accomplices bribed Venezuelan officials to obtain contracts for supplying food and medicine to impoverished citizens, then significantly overcharged the government and moved illicit profits through foreign bank accounts. Pulido had previously been imprisoned in Venezuela since 2023 for misappropriating funds from the state oil company PDVSA, and US agencies had offered a $10 million reward for his capture.

Who is affected

Álvaro Pulido (the detained Colombian businessman)
Poor Venezuelans who were supposed to receive food and medicine through the welfare programs
Venezuelan government officials who allegedly accepted bribes
Four other co-defendants charged alongside Pulido
Alex Saab (another Colombian businessman who previously pleaded guilty)
The Venezuelan government and state-run oil company PDVSA
Nicolás Maduro (former Venezuelan leader, now facing drug-trafficking charges)

What action is being taken

US authorities are detaining Álvaro Pulido following his arrest during a Homeland Security Task Force operation
Pulido is scheduled to appear in court on Tuesday
US prosecutors are pursuing charges against Pulido in two separate federal indictments

Why it matters

This case highlights massive corruption within the Venezuelan government's welfare and currency exchange systems, where billions of dollars intended for vulnerable citizens were allegedly stolen through bribery schemes. The arrest demonstrates continued US efforts to prosecute individuals connected to Venezuelan government corruption, particularly following the seizure of Nicolás Maduro and the subsequent political changes in Venezuela. The scale of the alleged money laundering—over $2 billion—represents a significant theft of resources meant for poor Venezuelans during a period of economic crisis.

What's next

Pulido is due to appear in court on Tuesday.

Read full article from source: BBC