Venezuela former oil minister Tareck El Aissami, once a prominent figure in the nation's political landscape, was arrested on Tuesday by government authorities.

This development comes after his resignation last year amid a corruption investigation involving high-ranking officials within the state-run oil industry, Reuters reports.

El Aissami is under scrutiny for his alleged involvement in a scheme where hundreds of millions of dollars from oil proceeds vanished.

Images released by the Ministry of Communications depicted El Aissami in handcuffs, escorted by officers, marking his first public appearance since his resignation.

Attorney General Tarek William Saab announced that El Aissami faces charges of treason, money laundering, and criminal association, among others.

Saab did not disclose the specific date of El Aissami's arrest.

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Implicated Figures and Alleged Conspiracy

Saab disclosed that alongside El Aissami, former finance minister Simon Zerpa and businessman Samark Lopez were also apprehended for their roles in the purported conspiracy, according to AP News.

The attorney general elaborated that the accused managed oil shipments illicitly, bypassing the country's central bank, thereby profiting from what he described as an "economic conspiracy."

This scheme, according to Saab, was aimed at sabotaging Venezuela's economy.

Venezuela's former oil minister Tareck El Aissami's arrest underscores a significant shift in his political trajectory, having once been a close ally of President Nicolás Maduro.

The US government has offered a $10 million reward for El Aissami due to allegations of drug trafficking.

Critics of Maduro's administration view these arrests as attempts to consolidate power ahead of upcoming elections, which are expected in July.

Despite the US lifting oil sanctions on Venezuela to incentivize fair elections, Maduro's actions suggest otherwise.

Expanded Investigation and Legal Ramifications

In addition to Venezuela's former oil minister El Aissami, former economy minister Simon Alejandro Zerpa, and businessman Samark Lopez were detained on charges including treason, appropriation of public funds, and money laundering.

Attorney General Saab emphasized a comprehensive approach to justice, with dozens of officials, including crypto regulator executives, also facing scrutiny. These arrests, totaling 61 last year, are seen by critics as politically motivated.

The alleged scheme involving the sale of crude through cryptocurrency networks was viewed to bypass US sanctions on Venezuela, France 24 noted.

Despite having the world's largest oil reserves, Venezuela's oil production has dwindled due to mismanagement and sanctions, dropping from over three million barrels per day to less than one million.

The country's oil industry has been the subject of numerous corruption investigations since 2017.

The extent of financial losses incurred by the state because of these clandestine transactions remains unclear. Internal documents from PDVSA revealed debts totaling billions of dollars owed by trading companies, further complicating Venezuela's economic woes.

To circumvent Western sanctions, Venezuela resorted to unconventional payment methods, including Russian rubles and cryptocurrency, exacerbating its economic challenges.

Tareck El Aissami's arrest marks a pivotal moment in Venezuela's ongoing struggle against corruption within its vital oil industry.

As legal proceedings unfold, the nation grapples with the broader implications of systemic corruption and its impact on its economy and international relations.

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This article is owned by Latin Post.

Written by: Ross Key

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