Argentina Lawyer Seeks Raid on Central Bank

Argentina · Central Bank · 20 October 2026

A lawyer has asked an Argentine federal court to search the central bank’s headquarters over gold derivatives that the state auditor says lost about US$1.02 billion (ARS 1.469 trillion) in 2025. The request, filed on Monday, 19 October 2026, has not been granted, and no wrongdoing has been proven.

The filing comes from Gregorio Dalbón, a lawyer who first sought the arrest of the officials on 12 October. For US investors who hold Argentine bonds, the case tests the credibility of the central bank (BCRA) that guards the country’s reserves.

What the Lawyer Is Asking For

Dalbón expanded a federal criminal complaint and asked the court to search the BCRA headquarters in Buenos Aires. He also wants judges to seize or forensically copy its servers and institutional email accounts, according to Infobae and El Argentino Diario.

His complaint asks investigators to find out who designed and approved the trades, how the banks on the other side were chosen and what they cost. It also asks whether any commissions or other improper benefits were paid.

Dalbón also wants the court to ask the US Securities and Exchange Commission (SEC) for information. He asks whether the SEC has alerts or reports on payments by Deutsche Bank to Argentine officials or go-betweens in 2024 and 2025.

The Audit Behind the Case

The state auditor, the Auditoría General de la Nación (AGN), reviewed the central bank’s accounts at 31 December 2025. It reported a negative result of ARS 1.469 trillion, or about US$1.023 billion at the auditor’s conversion.

That figure is made up of US$960.2 million in losses on gold options and US$62.8 million in premiums paid. The trades used the central bank’s gold reserves as the underlying asset and were carried out in 2025.

Facade of the Central Bank of Argentina in Buenos Aires. File photo. (Photo: Matías Profeta, CC BY-SA 4.0, via Wikimedia Commons)

According to Infobae, the structure worked like a collar, which limits both losses and gains. The bank bought protection against a fall in the gold price and paid for it by giving up gains above about US$3,000 an ounce.

Gold later rose above US$4,000, so the bank owed the difference on the options, Infobae reported. That is why the derivatives show a loss even as the gold itself gained in value.

What the Central Bank and Government Say

The central bank says its gold position as a whole produced a net gain of US$2.505 billion in 2025, counting the higher value of the metal. Presidential spokesman Adrián Ravier compared the derivatives to car insurance, which can cost money without a claim being paid.

The central bank and the government have also accused the auditor’s leadership of political motives. Neither Caputo nor Bausili had answered the new request in the coverage we reviewed.

Who Is Named

The complaint names Economy Minister Luis Caputo, central bank president Santiago Bausili, Juan Ernesto Curutchet, who supervises banks and exchange houses, and his deputy Nicolás Marcelo Ferro. Reports say the filings focus on Deutsche Bank as a counterparty and note that Caputo and Bausili once worked there.

Reports also cite possible commissions of more than US$60 million, but that figure is unproven and is not an established payment. Dalbón had already asked on 12 October for the detention of Caputo, Bausili and Curutchet, according to Perfil and Página/12.

Judge Ariel Lijo and prosecutor Gerardo Pollicita handle an earlier complaint at the federal courts known as Comodoro Py. Peronist senators and deputy Esteban Paulón have filed separate complaints.

The Dispute Over Where the Gold Is

Part of Argentina’s gold was moved abroad between June and September 2024, according to Perfil and Chequeado. Bausili told the Senate that part of it is held with the Bank for International Settlements in Switzerland.

The opposition says some of the gold sits in London, and one outlet reports that Bausili later acknowledged this. The auditor is running a separate review of the physical reserves, and it has published no conclusions.

What It Means for You

Argentine bonds and company shares trade in New York, and the strength of the reserves matters to their prices. A dispute over how the central bank handled its gold can feed doubts about transparency at a time when investors watch the reserves closely.

Deutsche Bank is listed in New York, which explains why the complaint reaches for the SEC. No US authority has commented on the request in the coverage we reviewed.

What Is Not Known

It is not known whether the court will order a search or even take up the request. A request by a complainant is not a court order, and no official has been found liable.

It is also unclear how much the bank paid in costs, who approved each trade and which banks were on the other side, apart from reports naming Deutsche Bank. The size of the loss is disputed, because the audit counts the derivatives alone while the central bank counts gold and derivatives together.

Custody records for the physical gold have not been made public, and the auditor’s review of the reserves is unfinished. The US$60 million commission figure has no confirmed source.

Readers can follow our wider coverage in the Argentina section and in our report that Argentina’s reserves topped US$50 billion. Our note on the IMF’s lower growth forecast for Argentina adds the economic backdrop.

Sources

Infobae, 19 October 2026 · El Argentino Diario · Banco Central de la República Argentina · Forbes Argentina · Perfil · Chequeado

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error

Frequently Asked Questions

What is the lawyer asking the court to do?

Gregorio Dalbón asks a federal court to search the Central Bank of Argentina’s headquarters and to seize or copy its servers and official email accounts. He also asks the court to seek information from the US Securities and Exchange Commission.

Has a court approved a raid on the central bank?

No. We found no court order granting or rejecting the request as of 20 October 2026, and a lawyer’s motion is not a search order.

How much did the gold derivatives lose?

The state auditor reported a negative result of ARS 1.469 trillion, about US$1.023 billion, for 2025. The central bank says its gold position as a whole gained US$2.505 billion.

Who is named in the complaint?

It names Economy Minister Luis Caputo, central bank president Santiago Bausili and two bank officials, Juan Ernesto Curutchet and Nicolás Marcelo Ferro. Naming someone in a complaint is not a finding of guilt.

Where is Argentina’s gold?

Bausili told the Senate that part of it is held with the Bank for International Settlements in Switzerland. The opposition says some is in London, and the auditor is still reviewing the physical reserves.