Close Menu
    Facebook X (Twitter) Instagram
    Sunday, May 18, 2025
    961
    Instagram Facebook LinkedIn TikTok
    • Breaking News
    • Guides
    • Food & Drink
    • Listicles
    • Join the Team
    • Whatsapp
      • 961
      • 961 News
    • AUB Outdoors ☀️
    Advertise with Us Get the App
    961
    Home»Diaspora
    Carlos Becerra/Bloomberg | OCCRP
    4 Mins Read

    Lebanese-Colombian Businessman Accused Of Stealing $350 Million From Venezuela

    By Rim ZreinJanuary 8, 2021Updated:January 9, 2021
    Facebook WhatsApp Copy Link

    Alex Nain Saab Moran, a Colombian businessman of Lebanese descent, will now be extradited to the US to face prosecution for alleged money laundering offenses related to a bribery scheme, sanctioned by the President of Venezuela Nicolas Maduro’s government.

    According to the Organised Crime and Corruption Reporting Project (OCCRP), Saab, who has often been described as President Maduro’s frontman, and his associate Alvaro Pulido Vargas were granted a government contract to construct low-income housing units.

    Saab and Vargas took advantage of the contract that allowed them access to the government-controlled exchange rate and obtained low-priced US dollars by reportedly submitting fake import documents for goods they never imported.

    According to the indictment, Saab and Vargas then went on to bribe government officials to approve the forged documents.

    Alex Saab pictured on the right.

    The pair are said to have planned an elaborate scheme where they were able to transfer approximately $350 million out of Venezuela, through American banks, to their overseas accounts.

    However, Saab’s lawyers have indicated they will appeal the extradition ruling in Cape Verde’s Supreme Court of Justice.

    Alex Saab being transported in Handcuffs in Cape Verde today #Venezuela pic.twitter.com/293DDddqHa

    — CNW (@ConflictsW) July 15, 2020

    The Venezuelan government condemned the ruling via its Foreign Affairs Ministry in a statement, accusing the Trump administration of scheming against the Venezuelan people.

    Daniel Mabsout

    “There is no doubt that the detention of Special Envoy Alex Saab is part of the obsessive siege campaign, orchestrated by the agonizing outgoing government of the United States against Venezuela, with the aim to inflict more suffering on the Venezuelan people and to destabilize its institutions and internal order,” the statement said.

    However, the Venezuelan people, who have been enduring crises after crises for years, including scarcity, hunger, oppression, and massive government neglect, have a different opinion about it. They blame their government for their sufferings and have been protesting for years.

    A rally against President Nicolas Maduro’s government and to commemorate the 61st anniversary of the end of the dictatorship of Marcos Perez Jimenez in Caracas on Jan. 23, 2019. Adriana Loureiro—Reuters

    Last june, the 48-year-old business man was detained on an Interpol red notice when his private jet touched down on the West African archipelago to refuel.

    Saab was allegedly on a trip to secure Iranian food and medical supplies for Venezuela.

    However, global security experts, including the Secure Free Society (SFS), say otherwise.

    They note that Saab was traveling to Iran to secure a deal to purchase oil from the Islamic Republic in exchange for Venezuelan gold, in an effort to find a way around US sanctions.

    Saab arrived on this private jet.

    “His arrest was made after years of investigations on behalf of the U.S. and Colombia to uncover a myriad of shell companies that Saab, his business partner, Alvaro Pulido Vargas, and family members set up,” stated Joseph Humire, Executive Director of SFS, who is also specialized in analyzing trans-regional threats in the Western Hemisphere.

    In June 2018, Alex Saab profited off the regime’s corruption and his close connections with many of the officials leading the state-run mining conglomerate in Venezuela and secured gold from miners at an inflated market rate.

    Secure Free Society

    According to an SFS’s report, with the gold-for-food scheme set up in action by Saab, he initiated a humanitarian corridor to Venezuela based out of a trade-based money laundering network to embezzle millions from starving Venezuelans.

    “Saab’s sophisticated setup of shell companies operating under the guise of humanitarian help exposed Maduro regime’s state support that was necessary to pull off the elaborate scheme,” Joseph Humire wrote.

    U.S. Justice Department

    Admiral Craig Faller, head of the US Department of Defence’s Southern Command, issued in May of last year, “We have seen an uptick in Iranian state-sponsored activity and liaison with Venezuela that has included [IRGC] Quds Force.”  

    Saab, with the help of Venezuelan Oil Minister Tareck El Aissami who is also of Lebanese descent, reportedly negotiated as well a deal to purchase Iranian oil in exchange for gold.

    Secure Free Society

    The first Iranian tankers arrived on Venezuelan territory in May and were greeted by Saab Maduro himself upon arrival.

    Iran has years of experience in setting up similar sanctions-busting schemes. However, Humire notes that at the heart of the Maduro regime schemes with Iran is Alex Saab.

    A few days ago, on January 5th, various reports indicated that Alex Saab was extradited from Cabo Verde on board a jet of the US Department of Justice, assumed heading to Washington.

    Climbing out of Cabo Verde is the U.S. Department of Justice jet with Alex Saab on board.#AlexSaab #DoJ#Venezuela #CaboVerde pic.twitter.com/kInKMdV1wg

    — @BolivarFiles (@BolivarFiles) January 5, 2021
    Iran United States
    Share. Facebook Twitter LinkedIn WhatsApp Reddit Email

    For You

    US And Israel Side Letter

    What’s In The Reported US And Israel Side Letter Regarding The Ceasefire?

    massad boulos

    Massad Boulos Was Just Appointed By Trump As Senior Advisor for Middle Eastern Affairs

    donald trump 961

    Donald Trump Just Won The US Presidential Elections

    Donate to Lebanese Charities

    You Can Now Donate to Lebanese Charities Without Any Fees At All – Here’s How

    us presidency

    Who Do Lebanese Want to Win the US Presidency? We Asked, Here Are the Results

    Iran Launches Direct Attack On Israel

    20 Celebrities You Probably Didn’t Know Had Lebanese Roots

    Ampere Cinema Reopens Its Doors In North Lebanon After 28 Years Of Absence

    June 30, 2022
    saint levant aub outdoors 2025 961

    Saint Levant Is Officially Headlining AUB Outdoors 2025!

    May 7, 2025

    Lebanon’s Shawarma Is Going Viral in The Philippines

    April 21, 2019

    20 Typical Lebanese Slang Expressions

    April 21, 2020
    dew apparel nada koussa miss lebanon 961

    Miss Lebanon Nada Koussa Just Launched A Sportswear Brand

    May 3, 2025
    Lebanese boutiques

    25 Boutiques In Lebanon To Find Your Dream Evening Dress This Wedding Season

    June 9, 2024
    nada koussa miss world miss lebanon 961

    Nada Koussa Just Left To Represent Lebanon At Miss World

    May 7, 2025
    arabic words

    30 Beautiful Arabic Words You Probably Want To Learn

    April 22, 2020
    Fattoush

    Lebanon’s Fattoush Ranked One of the Best Salads in the World (Again!)

    April 16, 2025
    961 Logo
    Facebook WhatsApp TikTok Instagram

    Popular Topics

    • Guides
    • Eat & Drink
    • Listicles
    • Lebanon News
    • Diaspora
    • Explained

    961

    • About
    • WhatsApp Channel
    • News WhatsApp Channel
    • Corrections Policy
    • Ownership & Funding

    Services

    • Advertise
    • Careers
    • App Waitlist
    • Contact Us
    • Newsletter
    961™ | All Rights Reserved ©2025
    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Okay