Businessman Arrested in Aruba in Plus Money Laundering Case : Luis Felipe Baca Arbulu, a businessman of Peruvian origin based in Switzerland, has been identified as a central figure in the judicial investigation of the Plus Ultra case, in which Spain’s National High Court is examining an alleged scheme of money laundering, influence peddling, and embezzlement tied to the public bailout of the airline.
According to the case file and its international arrest warrant, Baca Arbulu was arrested on the island of Aruba before being handed over to Spanish authorities through an extradition procedure coordinated with the Netherlands. Following his arrival in Madrid, the investigating judge ordered his release on the condition that he not leave the Schengen area.
The Public Prosecutor’s Office attributes to Baca Arbulu alleged participation in fund laundering operations linked to the financing and loans granted to Plus Ultra during the pandemic. Judicial and police investigations conducted across Spain, France, and Switzerland have reportedly uncovered what authorities describe as a criminal organization dedicated to money laundering, managed by Baca Arbulu and Dutch financier Simon Leendert Verhoeven.
Court documentation asserts that Baca Arbulu served as a facilitator of cash deliveries outside the banking circuit, in favor of third parties connected to the processing and awarding of public aid granted by SEPI, Spain’s state holding company, totaling 53 million euros to Plus Ultra Líneas Aéreas.
The businessman is being investigated for his possible role in reintroducing funds of illicit origin into the legal financial system through real estate transactions, international corporate structures, and financial movements tied to loans extended to the airline.
The investigation has revealed a complex network of fund circulation spanning multiple territories, with accounts and corporate entities established across Europe, the Caribbean, and other jurisdictions. The case file describes a financial structure with international connections that also includes Simon Verhoeven, a financier linked to companies that allegedly provided loans to Plus Ultra amounting to approximately 1.3 million euros.
The Plus Ultra case has drawn significant attention in Spain, where authorities have been scrutinizing the circumstances surrounding the government’s decision to grant pandemic-era financial assistance to the airline. The investigation seeks to determine whether the bailout process was influenced by corrupt practices involving multiple parties across international borders.
Baca Arbulu’s arrest in Aruba highlights the island’s role in international law enforcement cooperation, as Dutch and Spanish authorities worked together to facilitate his extradition. The Netherlands, which oversees Aruba’s foreign affairs and defense as part of the Kingdom, played a coordinating role in the handover process.
The case remains under investigation by Spain’s National High Court, with prosecutors continuing to examine financial records, corporate structures, and the flow of funds across multiple countries. Authorities have not yet announced a trial date, and all individuals named in the investigation are presumed innocent unless proven guilty in court.
The developments have raised broader questions about the use of Caribbean jurisdictions in complex financial operations and the effectiveness of international cooperation in combating cross-border financial crime.
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