Gibraltar bank accounts helped move millions of euros of laundered money derived from the Spanish government’s bailout of the Plus Ultra airline, court documents claim.

According to a report by the UDEF economic crime unit of the Policia Nacional, former Plus Ultra executive Rodolfo Reyes transferred money through hidden banking structures connected to the Rock as part of a wider alleged laundering operation.

Investigators believe part of the €53million public bailout granted to airline Plus Ultra in March 2021 may have been diverted through a network of shell companies and bank accounts spread across Gibraltar, Switzerland, Montenegro, the UK and Mauritius.

Spain’s National Court judge Jose Luis Calama issued an international arrest warrant for Reyes in March this year.

The Venezuelan businessman remains missing and is currently subject to an Interpol alert.

According to court documents cited by Europa Press, investigators believe Reyes and his wife took effective control of the airline from 2017 onwards.

Judge Calama alleges the investigation uncovered indications of a ‘criminal organisation dedicated to money laundering’ operating across Spain, France and Switzerland.

The alleged network is said to have been managed by businessmen Luis Felipe Baca and Simon Leendert Verhoeven, with Reyes described as a suspected client.

The judge claims the organisation handled vast quantities of money from allegedly illicit origins, mixing funds through investments and financial structures before returning ‘cleaned’ money to clients in what investigators describe as a ‘pseudo-bank’.

According to the ruling, when Plus Ultra received the €53 million rescue package from the Spanish government, Reyes and other airline executives allegedly devised a plan to divert part of the funds through shell companies tied to the laundering network.

Investigators allege large sums were transferred to entities linked to Reyes in Panama, Puerto Rico and the Dominican Republic.

Court documents claim some transfers were immediately routed from Plus Ultra accounts into three shell companies allegedly controlled by Verhoeven.

The ruling specifically mentions transfers to ‘opaque bank accounts’ in Gibraltar, alongside accounts in Switzerland, Montenegro, the UK and Mauritius.

Investigators also claim one of the shell companies was involved in selling gold of ‘unknown origin’ to a company in Dubai.

French investigators have additionally linked Reyes to the transport of between five and eight tonnes of gold from the Bank of Venezuela to Dubai.

According to the UDEF report, Spanish police uncovered communications allegedly showing a request for a quotation to transport the gold shipment from Caracas to Dubai via Coyne Airways.

Investigators believe fake invoices generated through companies including Prime Trust, Wallinford and Panacorp may have been used to justify financial transactions benefiting Reyes.

The judge argues the alleged use of shell company accounts was intended to obscure the illicit origin of the funds, potentially amounting to offences including embezzlement, influence peddling, criminal organisation and money laundering.

Spanish investigators also say Reyes had significant investments and business structures in Spain, making him a person of interest long before the Plus Ultra scandal exploded publicly.