The head of the commercial firm Tradex Asset Management, dedicated to managing money to invest in the stock market, Mukesh Daswani, was arrested last Thursday in the United Arab Emirates (UAE) after from the Investigating Court Number 3 of Santa Cruz de Tenerife an international arrest warrant will be issued through Interpol. Said person is under investigation by a alleged continued crime of aggravated fraud and money laundering. Those affected consider that they have been victims of a pyramid-type fraud, since allegedly the now imprisoned offered them a high income in a very short time for the management of their economic resources. Those gains benefited the early investors, but not those who came to Tradex later. A law firm estimates that the money swindled can be around four million euros.
The head of the Investigating Court number 3 of Santa Cruz de Tenerife issued a letter yesterday in which requests the competent body of the Ministry of Justice to carry out the necessary procedures for the extradition of Daswani, with the aim of trying to take a statement from him in Tenerife and that, once the investigation of this matter is finished, he can be tried for the aforementioned criminal offences.
It is estimated that the fraud in this case can amount to more than four million euros
According to the sources consulted, Everything indicates that, as soon as Mukesh Daswani arrives on the Island, he will be sent to preventive detention, due to the seriousness of the facts attributed to him, based on a decision dated August 23. The investigation of this case is carried out by the Economic and Financial Crime Unit (UDEF) of the National Police of Santa Cruz de Tenerife. It is estimated that, so far, the affected people have filed at least more than one hundred complaints. After analyzing each of these writings, the agents of said group of the Provincial Judicial Police Brigade consider that there are indications of a crime to keep the criminal case open.
The case of the alleged scam was disclosed at the end of last July. At that time, dozens of complaints had already been filed by citizens who claimed to have given money to Tradex, but who had not recovered their investment or the alleged profits. The promises reached 50% in two months, although there are also documents in which a 30% benefit was provided.
In the second fortnight of that month, the contracted worker and the self-employed collaborators expressed their disagreement with Mukesh Daswani’s attitude, since they alleged that he owed them several months of wages. They began to ask Daswani for explanations and he gave them “long” about the time to collect their salaries. In addition, said persons concluded that the bank account to which the clients’ income should go was empty. And, the next day, the person in charge of Tradex could no longer be located.
Several lawyers who represent those affected by the alleged Tradex fraud consider that the hook to capture money from a pyramid scheme is in the greed of investors, who want to earn considerable profits in a few months. From there, citizens can withdraw those amounts or reinvest to multiply the profits. For example, if a person contributes 10,000 euros, in two months he already has 15,000 or, at least, 13,000. And many victims “get hooked”, do not withdraw the amount and want to increase the benefit. This supposed “efficiency” is spread among family members, friends or acquaintances, who end up promoting the pyramid scheme. If with the first investors it is possible to comply, at least in appearance, the opposite happens with those who come at the end of the process.
Agents assigned to the UDEF of the National Police were the ones who initiated this investigation
Until the end of July, Tradex had an office in a building on the central street of Castillo, in Santa Cruz de Tenerife. At the end of July, in one of the offices that represent victims, 54 complaints had been filed for the breaches of the aforementioned commercial firm.
