Police in Colombia seize $329 million in property tied to stolen oil

Oil pipeline - Colombia

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As outlined in new reports, police in Colombia have seized property and bank accounts worth $329 million, which officials say are from the sale and export of stolen crude oil.

Reuters says that the gangs stole crude from country’s Cano Limon-Covenas pipeline which runs near the border with Venezuela.

Assets seized

The news outlet highlights that since 2016, the Colombian police and Interpol have carried out seven investigations into the theft and smuggling of oil by four criminal organizations, which managed to export 975,000 barrels of crude oil between 2020 and 2021.

Police seized houses, apartments, boats, vehicles and four refineries, as well as 17 bank accounts valued at $5.14 million.

Stolen oil

Reuters says that Colombia’s majority state-owned company Ecopetrol was the main victim of the scheme.

“From 2013 to 2023, 9,925 illegal valves have been removed from Ecopetrol Group’s transportation systems,” the company said in a statement.

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