The European Public Prosecutor’s Office has exposed a €27.9 million scheme involving Spanish fuel firms and Portuguese shell companies. Funds were laundered across borders, with millions seized and key suspects identified.
The European Public Prosecutor’s Office (EPPO) has delivered a major breakthrough in the ongoing Spanish hydrocarbons fraud investigation, revealing that nearly €28 million was funneled from Spanish fuel companies to Portugal through a network of shell firms. The operation, which allegedly took place between 2022 and 2024, centers on businessman Víctor de Aldama and several associates, who are suspected of orchestrating the cross-border laundering scheme.
According to documents sent to Judge Santiago Pedraz at Spain’s Audiencia Nacional, Portuguese authorities first detected suspicious transfers from four Spanish companies—Salamanca Fuel, Canary Island, Casmar Hidrocarburos, and Obaoil 3000—into the Portuguese banking system. The funds, originating from the hydrocarbons sector, were allegedly disguised as payments for supplies, but investigators found no corresponding VAT declarations or legitimate business activity. This triggered a money laundering probe in Portugal, which soon uncovered a complex web of fictitious companies used to move illicit profits back to Spain.
The EPPO’s findings highlight the involvement of not only Aldama but also Nuno Miguel Santos, José Manuel Recio, and Juan Catalán. One Portuguese company, managed by a Brazilian student resident, received €10 million from Obaoil without declaring the income or issuing invoices. Another, Cálculo Corriente, officially engaged in concrete manufacturing and transport, took in €5.9 million from Salamanca Fuel and Obaoil between March and September 2023, yet declared only €3.1 million, with no clear link to the fuel sector.
Investigators also traced €7.4 million in transfers from Spanish fuel firms to Atmosferaudaz, a consultancy and real estate company founded in 2022 and linked to Aldama. Spanish Civil Guard reports included in the case file describe Atmosferaudaz as a vehicle for repatriating funds to Spain, often through property purchases in regions like Andalusia.
Of the €27.9 million scrutinized by Portuguese authorities, at least €9 million was returned to Spanish bank accounts, €3 million was routed to the United Kingdom via cryptocurrency brokers, and another €3 million was dispersed across accounts in countries such as Poland, France, Belgium, Lithuania, Italy, Germany, and Uruguay. Portuguese authorities managed to seize €11.8 million of the €13 million that remained in Portugal. However, they concluded that the core tax fraud occurred in Spain, prompting the transfer of the investigation to the Spanish branch of the EPPO earlier this summer.
Many of the individuals and companies identified by Portuguese investigators were already under scrutiny in the Spanish case led by Judge Pedraz since 2024. The Central Operative Unit (UCO) of the Civil Guard places Aldama and Claudio Rivas at the top of a structure allegedly designed to evade Spanish fuel taxes, using intermediaries to conceal the true nature of the transactions. Both men have denied wrongdoing in court.
The Spanish investigation now covers a suspected €231 million fraud against public finances, with a broader scope than the Portuguese probe. In addition to the companies named by the EPPO, the Spanish case also examines firms such as Carburantes Jalón-Plaza, Skyward Tech, and Espaeventos. The EPPO has formally handed over all relevant information to the Spanish judiciary, expanding the evidence base for the ongoing proceedings.
This development comes as European institutions continue to monitor cross-border financial crime and the protection of EU funds. The scale of the alleged fraud and the international cooperation involved underscore the complexity of such cases. For context, recent EU interventions in Spain have also focused on safeguarding vulnerable groups, as seen when Brussels pressed Spain to protect minors in Ceuta amid a migrant dispute.
The hydrocarbons case highlights the challenges authorities face in tracking illicit financial flows across multiple jurisdictions. It also demonstrates the growing role of the EPPO in coordinating investigations that span several EU member states, aiming to close loopholes exploited by organized networks in sectors critical to national economies.
