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Former Spanish PM Zapatero Denies Bailout Scheme as Court Pursues His Crypto Assets

Former Spanish Prime Minister, José Luis Rodríguez Zapatero, denies orchestrating a scheme of influence abuse related to a $61.5 million airline bailout. He testified on June 17 as investigators now hunt for his assets, including his cryptocurrency holdings.

The judge identified Zapatero as the “top” of an organized network. He told the court that the payments in question by investigators were actually legitimate consulting fees and design work for his daughters' agency.

Zapatero Denies Plus Ultra Bailout Scheme

During a three-hour hearing at the Madrid National Court, Zapatero faced four charges ranging from abuse of influence, money laundering, tax evasion, to smuggling.

He only answered questions from the judge and his own lawyers.

He denied any contact with government officials or airline executives regarding the rescue.

According to legal sources, he stated that he only met the current Plus Ultra president in 2024, three years after the bailout was approved.

The investigation centers on the 2021 rescue of Plus Ultra Airlines, which is known to have connections with a Venezuelan businessman and received $61.5 million through the state holding company SEPI.

The judge mentioned that Zapatero ordered the establishment of an offshore company in Dubai to manage the funds, eight days after the cabinet approved the aid, according to infoLibre.

Behind Zapatero’s Crypto Seizure Order

Investigator judge José Luis Calama signed the seizure order on May 18, instructing Spanish economic crime police to track and seize Bitcoin
BTCUSD
and Litecoin
LTCUSD
related to Zapatero.

This move complements the blocking of bank accounts and offshore company inspections.

If any tokens are recovered, the assets will be transferred to Prosegur’s high-security crypto bunker in Madrid, which stores keys offline under a court-specified seizure contract.

Calama has handled Spain’s largest crypto fraud case, including the Madeira Invest scam that affected over 3,000 people.

Spain is now tightening crypto asset oversight in accordance with the new EU anti-money laundering regulations.

Spanish courts have also used blockchain technology for various cases, from a major crypto scam last year to Bitcoin assets seized and eventually sold after more than a decade.

Zapatero offered the court “voluntary universal authorization” to verify ownership and affirmed that he has no assets abroad.

“I truly have nothing outside Spain,” the report quoted Zapatero as saying.

The investigation is ongoing, and Calama has not confirmed whether he has successfully traced any wallets.