Judge Orders Probe into Bank Accounts of Former Spanish PM Zapatero in Plus Ultra Case

Probe Widens into Zapatero’s Financial Network

The investigating magistrate at Spain’s National Court has given the green light to the Economic and Fiscal Crime Unit (UDEF) to examine dozens of bank accounts linked to former prime minister José Luis Rodríguez Zapatero, his daughters Alba and Laura, his secretary Gertrudis Alcázar, and his business partner Julio Martínez Martínez. All of them have been formally placed under investigation in the long‑running ‘Plus Ultra case’.

The probe centres on a €53 million rescue package granted by the Spanish government to the airline Plus Ultra in 2021, when the carrier was on the brink of collapse. The judge now suspects Zapatero led a scheme that traded influence for financial gain. According to the court order, Plus Ultra paid at least €1.16 million to Caletón Consultores between 2020 and 2025, which subsequently channelled money into a web of companies linked to Martínez and to a firm owned by Zapatero’s daughters, What The Fav.

Investigators also single out Inteligencia Prospectiva, a company they describe as having “no real activity” yet moving more than €2.6 million in and out of its accounts despite reporting sales of less than €35,000. The judge warns that orders for banking information must not alert the local branches involved, underlining the sensitivity of the financial trail.

The Structure of the Alleged Influence‑Peddling Scheme

Fake Consultancy Contracts and Shell Companies

The alleged mechanism relied on a series of companies acting as conduits. Inteligencia Prospectiva, despite almost no genuine revenue, received foreign capital injections and then paid €368,258 to Análisis Relevante, €561,440 to What The Fav and €266,200 to Gate Center under what the judge terms “simulated” advisory contracts. Softgestor, whose main clients are US‑based entities tied to Venezuela, transferred €145,200 to Análisis Relevante using a contract the court considers artificial.

Zapatero’s Family and Inner Circle

The former prime minister’s daughters’ company, What The Fav, was a direct beneficiary of these payments. His secretary, Gertrudis Alcázar, is described in police reports as playing a “relevant role” managing communications, documentation and the agenda of the network. Investigators note that, while no trace of direct payments to her has yet been found, she purchased a property in Velilla de San Antonio for €132,055 between March 2021 and June 2023 without a mortgage and with no obvious source of such funds—no inheritance, sale of other assets or cash income that would explain the outlay.

Potential Fallout for Plus Ultra

The airline itself paid Caletón Consultores €431,492 in 2021 and €329,479 in 2023, sums that were then redirected to companies controlled by Martínez. In total, Plus Ultra handed over €1.16 million to the same intermediary between 2020 and 2025. Should the investigation conclude that the bailout was improperly obtained or that public money was siphoned off, the airline could face demands to repay the aid, criminal charges against executives and lasting reputational damage.

Political and Judicial Ramifications

The indictment of a former prime minister is highly sensitive in Spanish politics and could reignite debate about transparency in pandemic‑era rescue packages. The judge’s decision to open a separate, restricted section of the case file to protect irrelevant or private data signals that the financial investigation will be lengthy and meticulous. The prohibition on contacting local bank branches also hints at fears of document tampering or alerting those still involved.

What the Investigation Means for the Companies and Political Landscape

• Plus Ultra faces potential clawback of the €53 million bailout if the court finds the rescue was tainted by influence peddling; this could trigger an immediate liquidity crunch.
• Companies linked to the Martínez network—Análisis Relevante, Inteligencia Prospectiva, What The Fav and others—risk asset freezes and criminal proceedings as the judge constructs a money‑laundering trail.
• Political parties and regulators will come under pressure to review the safeguards of all pandemic‑era state aid, particularly those involving politically connected intermediaries.
• Any executive or advisor who facilitated the alleged ‘simulated’ contracts may face personal liability, including fines and bans from holding corporate office.