Tattoo Artist, Coach, Manager Named in Tradex €3M Fraud Trial

Three key people – a tattoo artist from Santa Cruz de Tenerife, a basketball coach, and a services manager – played a major role in how Tradex allegedly scammed victims out of three million euros. This happened between 2021 and 2022, through what were presented as stock market investments. The men behind Tradex, Mukesh Daswani and Francisco Imobach Pomares, are now on trial in Santa Cruz de Tenerife. They are accused of fraud and illegally taking assets. Prosecutors are asking for prison sentences of twelve and nine years for them.

The trial began on November 5th. Victims are testifying, explaining how they got caught up in the scam and naming the people who convinced them to invest in Tradex. Three names, in particular, keep coming up frequently.

One of these was a tattoo artist. He promoted Tradex and praised Daswani's ability to make investments grow quickly, promising very high returns in just a few months. He told people about other clients or friends who were supposedly "making a lot of money." He then gave them Daswani's phone number or the company's various addresses, which included a coworking space in Parque Bulevar, and later offices on Calle Castillo and Imeldo Serís.

Even more influential was a basketball coach, who had played on teams with Imobach Pomares for years. Although not officially part of Tradex, he persuaded relatives to invest 350,000 euros. He also convinced dozens of friends from the basketball community, where he had grown up alongside Daswani's partner. He reportedly told his contacts that "he was also making money" from these investments.

In yesterday's court session, another witness spoke about the coach. He said the coach told him about Tradex and its money-making opportunities, claiming he was investing himself. The witness explained he signed a participatory loan agreement for 8,000 euros, which he transferred to an account. However, this wasn't his first investment. Under questioning from the prosecutor, he admitted that before signing that contract on June 16, 2022, he had given his friend, the coach, 3,000 euros in cash. He received 4,500 euros back two months later from this unofficial deal.

Since the coach was a friend and introduced him to Imobach Pomares, and because he had seen a 50% profit on his initial cash investment, the witness felt more confident. He not only signed the 8,000 euro contract but also persuaded his mother to invest 7,500 euros.

While other basketball coaches or players have been mentioned by victims, this particular coach is the one most frequently named.

The third person often mentioned by witnesses (apart from the two main accused) is a young man. He stated that he met Daswani at Tradex and received training to "trade," though he claims he never actually invested any money himself.

He was reportedly "captivated" by the business, the luxurious lifestyle, and the large amounts of money he witnessed. Because of this, he registered as self-employed to manage and provide services for Mukesh or Imobach. Over several months, he received three or four bank transfers, each between 1,000 and 3,000 euros, from Daswani's or Pomares' accounts, supposedly for "managing contracts." Some victims claim he offered them cash deals, without any paperwork, promising higher profits of 50% compared to the 30% offered with a formal contract.