(Bloomberg) -- Venezuela detained former oil and finance ministers Tareck El Aissami and Simón Zerpa more than a year after an investigation into billions of lost Petroleos de Venezuela SA revenue that’s led to a purge of the ruling elite’s inner circle. 

Public Prosecutor Tarek William Saab said El Aissami and Zerpa, once President Nicolás Maduro’s closest allies, are part of a group of more than 50 others involved in a scheme to “destroy Venezuela’s economy,” including “corrupt” bankers based in Miami and Washington. Aissami’s business partner, Samark López, was also arrested, Saab said.

El Aissami, who was shown wearing handcuffs and a black t-shirt, will be charged with treason, appropriation and money laundering, Saab said.

The arrests come at a pivotal moment for Maduro, who is facing criticism of unfair conditions ahead of presidential vote in July, in which he is seeking to win a third consecutive term. The US has said it’s willing to let an important oil and gas license expire on April 18 if the socialist government doesn’t take steps toward freer elections.

Read more: Power Struggle and Missing Billions Roil Venezuelan Ruling Elite

El Aissami resigned as Venezuela’s oil minister in March 2023 when Maduro launched a sweeping anti-corruption operation after an internal audit revealed a financial black hole at state-owned PDVSA, the government’s most important source of funding. That triggered a widening corruption investigation that ensnared judges, elected officials, and the head of the nation’s crypto regulator.

Saab said that El Aissami paid millions of dollars in bribes to allocate Venezuelan crude, pet-coke and fuel oil below market value through shell companies that bypassed the central bank. They also used the revenue from those sales to manipulate the country’s currency exchange system, Saab said. 

--With assistance from Fabiola Zerpa.

(Updates with charges against El Aissami and US context starting in third paragraph.)

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