Venezuela to Monitor Bancamiga on PDVSA Corruption Ties

Venezuela’s banking regulator said it will monitor Bancamiga’s operations after some of its executives were detained on ties to fraud at Petroleos de Venezuela SA.

The banking authority said it will “accompany and follow” Bancamiga to guarantee normal operations, as well as the safeguarding of client deposits, the regulator said in a statement on Monday.

Customers wait outside of the Bancamiga Banco Universal headquarters in Caracas, Venezuela, on April 10.

Photographer: Matias Delacroix/Bloomberg

Executives at Bancamiga, Venezuela’s sixth largest bank, were detained over the weekend on ties to a large scale fraud that allocated Venezuelan crude below market value in a scheme that bypassed the central bank. The operation was allegedly orchestrated by former oil minister, ...