Victims of Vélez-Málaga pyramid scheme scam to protest over delays to investigation

Fraud

One of the most sensitive issues remains the location of the money embezzled by Paco 'el bueno' which has not yet been recovered and victims fear it may have ended up in Switzerland and Hungary

Eugenio Cabezas

The investigation into the alleged multi-million euro pyramid scheme scam by Paco 'el Bueno' in Vélez-Málaga on the eastern Costa del Sol faces a new setback nine months after his arrest in Logroño in La Rioja. Those affected fear the case could be delayed at a crucial juncture following the imminent departure of the civil servant in charge of the proceedings, with no clear solution yet in place to guarantee the continuity of the process.

This message was conveyed to SUR on Wednesday 29 April by lawyer Marta Fuentes, who represents a group of victims. She cautioned against further delays in a case that is "particularly voluminous and sensitive." According to Fuentes, if no immediate replacement is found, it could affect the pace of an investigation that has already been going on for months and involves hundreds of victims in the east of Malaga province.

Now many of the victims have decided to hold a peaceful demonstration outside the courts in Vélez-Málaga on morning of Monday 4 May. The objective is clear: to demand resources, stability in the handling of the proceedings, and to prevent the case from stalling again.

Pyramid scheme

"Those affected have the right for the proceedings to move forward without obstacles," argues Fuentes, who adds that the idea to protest has come from the victims themselves. Among the proposed solutions are the creation of permanent positions, a stable increase in staff and the extension of support programmes, although they acknowledge that they do not know the fastest administrative route to guarantee continuity.

The fear of a standstill in the case comes at a particularly delicate moment. The investigation, which is being conducted by a court in Vélez-Málaga, has kept the main suspect, Francisco Gutiérrez Ortega, in custody due to the risk of him disappearing while the whereabouts of the money are clarified.

According to the evidence, the case revolves around an alleged pyramid scheme, in which hundreds of people reportedly invested their savings with the suspect, lured by promises of high returns. The amount of money allegedly defrauded could exceed 16 million euros, although those affected put the figure much higher, up to 200 million euros. There may be more than 200 victims throughout Spain.

One of the most sensitive issues remains the location of the money, which has not yet been recovered and which the victims fear may have ended up in Switzerland and Hungary. This circumstance has been decisive in maintaining the detention order, as the court considers there to be a "real and effective risk" of him leaving the country if he were released.

Demonstration

the victims fear that any administrative delay could further aggravate the situation and postpone a resolution they consider urgent. "Whatever the procedure, it should not become an obstacle for those seeking justice," the Malaga-based lawyer told SUR.

The planned demonstration next week is presented as a new episode in a case that has shaken the Axarquía and continues to generate strong social pressure, as the public awaits the progress of the judicial investigation.

The impact of the case has been especially significant in municipalities like Vélez-Málaga and its surrounding area, where many of those affected are part of the local community and had entrusted their savings to the accused for years, in some cases as a supplement to their income or with a view to retirement.

At the same time, legal sources consulted point out the importance of providing stability to the judicial bodies that handle high-volume cases, such as this one, which involves numerous complaints, analyses of financial transactions, and potential international actions. In this regard, they point out that continuity in the process is key to avoiding undue delays and guaranteeing the right of those affected to a resolution within reasonable timeframes.