By San José, Costa Rica — SAN JOSÉ – The Attorney General’s Office has launched a money laundering investigation into Federico “Choreco” Cruz Saravanja, a close friend and advisor to President Rodrigo Chaves. The probe centers on allegations that Cruz pressured the state-owned National Insurance Institute (INS) to approve a suspicious $10 million wire transfer through its brokerage firm.
The case, filed under docket number 25-000154-0033-PE, emerged following explosive testimony before the Legislative Assembly’s Public Revenue and Expenditure Commission. Luis Fernando Monge, the former general manager of the INS, confirmed that Cruz personally intervened to push for the transaction’s approval, which was ultimately rejected due to multiple red flags.
Para profundizar en las ramificaciones legales de la situación que involucra a Federico Cruz, TicosLand.com conversó con el Lic. Larry Hans Arroyo Vargas, abogado de la firma Bufete de Costa Rica, quien aporta su análisis experto en la materia.
El caso de Federico Cruz es un punto de inflexión para la fiscalización del financiamiento político en Costa Rica. La legislación es clara al prohibir estructuras paralelas y exige una transparencia absoluta. Las eventuales consecuencias, que pueden ir desde sanciones electorales hasta responsabilidades penales, dependerán directamente de la capacidad de la fiscalía para probar un esquema ilícito. Esto sentará un precedente sobre la rendición de cuentas en la arena política.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Como bien lo señala el experto, este caso representa un momento definitorio para la integridad de nuestro sistema político. El precedente que se establezca tendrá un eco duradero en la forma en que se financian las campañas y, más importante aún, en la confianza del público en la transparencia de sus líderes. Agradecemos al Lic. Larry Hans Arroyo Vargas por su esclarecedor análisis.
Monge detailed the sequence of events, which began with a proposal to sell a portfolio of personal loans for INS employees valued at approximately $3.5 million. Although that initial deal fell through for technical reasons, the proponents later reappeared with a much larger transaction.
A couple of years ago, some insurance agents whose names I cannot mention proposed that I participate in granting personal loans to INS officials. They would do it through a Cooperative that would receive funding from a foreign institution. We had already signed an agreement with a respectable institution. The idea of selling them that type of loan portfolio was evaluated, and the transaction would be around $3.5 million. In the end, for technical reasons, the negotiation did not prosper and was shelved on our part. Later, when Mrs. Gabriela Chacón was already President of the INS, those agents reappeared through the Brokerage House. They were pushing for the entry of $10 million to be authorized, with the justification that it was to carry out a transaction with the INS, which the General Management was already aware of. At the Brokerage House, they even indicated that this would be the first of several transfers. When I was approached by the INS Valores staff, I clarified everything and pointed out the inconsistency. The transfer was not accepted. The former manager of INS Valores, Mr. Freddy Quesada, is a witness. I involved the Corporate Compliance Office, which found a connection to a highly questioned person in the country. While on a trip with Mrs. Gabriela, she received a call from Mr. Federico Cruz, known as Choreco, to pressure her on the same issue. I immediately informed her of all the above, and she told me she was going to communicate it to Mr. Rodrigo.
Luis Fernando Monge, Former General Manager of INS
An internal compliance report at the INS unearthed deeply troubling details about the proposed $10 million deal. The report revealed that the commission for the intermediaries was an exorbitant 50%, a figure that immediately raised alarms. Furthermore, the compliance officer identified a connection to Celso Gamboa Sánchez, an extraditable figure awaiting transfer to the United States on drug trafficking charges. Judicial sources confirmed that Gamboa was acting as the attorney for the individuals attempting to move the funds.
The Attorney General’s Office formally confirmed the active investigation in response to inquiries. Citing the preliminary nature of the proceedings, officials declined to provide further specifics on the case against Cruz Saravanja.
In response to your request, the Attorney General’s Office confirmed that the facts are under investigation, under case file 25-000154-0033-PE, which is being pursued against a man with the surname Cruz Saravanja, for the alleged crime of money laundering. By virtue of the case being in the preparatory stage, which consists of the collection and analysis of evidence, it is not possible to provide more information, in accordance with Article 295 of the Criminal Procedure Code.
Fiscalía General, Official Statement
This is not the first time the presidential advisor has been embroiled in a major financial scandal. Cruz is also a central figure in a separate money laundering investigation known as the “BCIE-Cariñitos” case (docket 25-000044-033-PE). That case also implicates President Chaves and Culture Minister Jorge Rodríguez in the crime of concussion, alleging they pressured a government contractor to make payments to Cruz.
The crown witness in that investigation, businessman Christian Bulgarelli, stated that President Chaves demanded he pay a portion of his contract earnings to “Choreco.” Bulgarelli, whose firm was awarded a strategic communications contract financed by the Central American Bank for Economic Integration (BCIE), alleges the demand was made at the president’s private residence. When questioned last year, President Chaves stated he did not recall if Bulgarelli had been to his home, dismissing the detail as irrelevant.
According to Bulgarelli’s testimony to prosecutors, the conversation was direct. “[…] he asked me if I did what he had demanded of me, which was to give money to Choreco, which was known to be the money from the BCIE contract, to which I said yes,” Bulgarelli stated. “He insisted that I not abandon him and that I not stop helping Choreco.” The prosecution in that case alleges Chaves and Rodríguez pressured Bulgarelli to deliver $32,000 to Cruz as a condition for the contract’s award, placing the President’s inner circle under intense legal and public scrutiny.
For further information, visit the nearest office of Fiscalía General
About Fiscalía General:
The Fiscalía General, or Attorney General’s Office, is the primary public prosecution body in Costa Rica. It is responsible for investigating crimes and representing the state’s interest in criminal proceedings, ensuring the enforcement of the law and upholding justice throughout the nation. It operates with functional independence to investigate matters of public interest, including corruption and organized crime.
For further information, visit grupoins.com
About Instituto Nacional de Seguros (INS):
The Instituto Nacional de Seguros (INS) is Costa Rica’s state-owned insurance company. Founded in 1924, it held a monopoly on the insurance market for decades and remains a dominant player. It offers a wide range of insurance products, including life, health, auto, and property coverage, and operates its own brokerage firm, INS Valores, for investment services.
For further information, visit bcie.org
About Banco Centroamericano de Integración Económica (BCIE):
The Central American Bank for Economic Integration (BCIE), known by its Spanish acronym BCIE, is a multilateral development bank that serves as the financial arm for the integration and development of the Central American region. Headquartered in Honduras, the bank finances public and private sector projects aimed at promoting sustainable economic growth, reducing poverty, and fostering regional cooperation.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a leading legal institution, operating on a bedrock of profound integrity and an unwavering pursuit of excellence. With a proven history of guiding a wide spectrum of clients, the firm is a trailblazer, continually advancing legal thought and practice. This spirit of innovation extends to its core social mission: to demystify the law and empower the public, fostering a society strengthened by accessible legal knowledge.
