September 20, 2020

The Bank of Spain investigates an alleged fraud that offers a 10% return | Markets

The Bank of Spain investigates an alleged fraud that offers a 10% return | Markets

Announcement with the 10% yield along with the draft loan and guarantee.
Announcement with the 10% yield along with the draft loan and guarantee.

The economy pages of several national newspapers have received a disturbing announcement in recent weeks. It includes several premises: a 10% yield, a bank guarantee deposited before a notary and that can be obtained from 30,000 euros. Along with this brief information also includes a mobile phone number (see photo). After what Five days has made several inquiries, and after having communicated them to the Bank of Spain, the supervisor confirms that the possible existence of irregularities will be investigated, but based on the fact that the granting of credit and guarantee is not an activity reserved for banking.

The hook is extremely attractive. A return of 10% without apparent risks does not exist in bank branches. That the campaign is inserted in recognized general and economic journals can give some credibility to the advertising claim.

But the reality behind the announcement is much more complex: there is no financial entity that offers that interest through a classic formula.

In an appointment arranged through the telephone of the announcement, the meeting is held in a room of the Madrid AC Hotel Cuzco. There, the interested party is given a draft of a loan and guarantee deed, in which the creditor is Ignasi Josep Puente González, on behalf of the limited company Crack 10 Asturias, whose corporate purpose is the "edition of newspapers and that began operations on July 29, 2016. "This company, with headquarters in Barcelona, ​​does not have accounts deposited in the Mercantile Registry.

In the document that is presented to the interested party, available in the online edition of this diary, reference is made to the constitution of "a guarantee upon first request with the Swiss Credit financial entity of British nationality and for an amount guaranteed amounting to six million euros".

The first problem is that this entity does not appear in the official records. However, after the exchange of several emails with the administrator of Crack 10 Asturias – he has claimed that he is outside of Spain and there is no possibility of talking on the phone – this clarifies that the entity is not the one that appears, but another with a similar pronunciation but different spelling: Suisse Credit Capital Limited. This does appear in the records of British supervisors, although it requested the revocation of its authorization on October 18, 2018.

The draft ensures that the guaranteed amount has been communicated to the Spanish bank Banca March through the SWIFT code (international financial communications system) and that an account has been opened in Banca March to the notary Elisabeth García Cueto, which appears in the draft . García Cueto has declined to provide any information, "in accordance with current legislation, for lack of legitimate interest." Notarial sources specify that only a person directly affected can have access to this information. They also confirm that the certificate of deposit of the account and the alleged guarantee, with all the exceptions that this document may include, is signed by the notary and it is assumed that it has the necessary guarantees.

But the key issue is that, according to the information provided by March there is no guarantee in favor of Crack 10 Asturias: "The financial intermediary has tried on several occasions to contact via SWIFT with Banca March, to constitute guarantees in favor of its clients. in different parts of Spain and other subjects, all having been rejected. In fact, the keys have been removed to contact us through this channel. There has never been any endorsement accepted by Banca March and if that entity had contacted us to try to open it, it would have been rejected. Therefore, Banca March is completely oblivious to any operation of the loan draft and deed. "

"Hurry up because 850,000 euros have already been signed"

Why the money? The draft of the loan assures that it has as object "the execution of bussiness plan of the company Crack 10 Asturias SL based on the different businesses that it exploits and arranges: execution of advertising patents in soccer field and sports merchandising, newspaper edition sports, marketing VIP tickets for football matches, sports campuses and similar ".

Notary. One of the mantras is that fund raising will take place in several countries. "In Spain, 850,000 euros have already been collected; do not leave it, there is little to collect here, "they claim as a claim.

Assessment. Another of the documents on display is a report by the National Association of Judicial Appraisers and Computer Experts dated June of last year, which provides an annual benefit for Crack 10 Asturias in the environment of 25 million euros.


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