The C-130 Hercules transport plane crashed after veering off the runway at El Alto International Airport outside La Paz on February 27.

Part of the fuselage came off the aircraft and landed in a busy urban area outside the airport, located around nine miles (15 kilometers) from La Paz, causing fatalities.

The plane had been loaded with the equivalent of $60 million in Bolivian currency and thousands of banknotes were scattered in the crash.

Hundreds of local residents rushed into the wreckage to collect the money, with responding police tear-gassing the crowd.

The bills from the plane, a shipment from the Central Bank of Bolivia, were later invalidated by authorities.

Prosecutor Favio Maldonado told TV channel Unitel arrest warrants for the pilot and co-pilot were issued Thursday. The pair were interrogated Friday and placed in pre-trial detention on charges of involuntary manslaughter, he said.

A Bolivian Air Force probe released Thursday found the aircraft, with eight crew members on board, did not receive timely communication from air traffic control and attempted to change course due to bad weather.

The pilot landed on the nose gear, a maneuver that made it difficult to use the brakes.

A portion of the runway was wet, decreasing traction for landing.

"This accident could have been avoided," Colonel Richard Alarcon, who heads the investigative board, said at a news conference this week.