Tradex Fraud Trial: Friend Testifies on 50% Profit Promise

"Nothing, man. I bought 50% of Tradex (...), now more security in investments for the people who started with me." This exact WhatsApp message was sent by Francisco Imobach Pomares to a friend he had convinced to invest savings with him and his partner, Mukesh Daswani. The friend testified yesterday at the Provincial Court of Santa Cruz de Tenerife during a hearing for the Tradex scam, stating that Pomares had promised him a "50% profit two months after the capital deposit."

In this case, the Public Prosecutor's Office is seeking a 12-year prison sentence for Daswani, accusing him of aggravated fraud and concealing assets. Francisco Imobach Pomares faces a request for a nine-year prison sentence. Daswani's ex-partner is also accused of fraud, with prosecutors demanding she return over 327,000 euros. This money was allegedly spent on transfers, gifts, luxury trips, and hotel stays, all paid for with funds defrauded from Tradex clients.

Imobach Pomares sent the WhatsApp message on April 23, 2022. The witness read it aloud when questioned by Carlos Zurita, a lawyer for the private prosecution, who aimed to show that Pomares and Daswani shared equal responsibility in Tradex. The company ultimately defrauded nearly three million euros from about 150 people.

Earlier, during questioning by prosecutor Andrés Velasco, the witness explained how he first learned about Tradex. He said Imobach told him in January 2022 that his investments were "going very well." "He told me that the minimum amount to invest was 5,000 euros, but I decided to put in 10,000 euros with a 50% profit after two months. He was my friend, and I trusted him," the witness stated.

The prosecutor expressed surprise at the 50% profit claim, noting that the contract signed by the witness indicated 30%. The witness clarified that he signed several contracts. In January, he invested 10,000 euros and received a 5,000 euro profit after two months. He then reinvested the 10,000 euros and again received a 5,000 euro profit. However, with the third contract, the scam became clear, and he lost everything. He then admitted that Imobach had told him for the third contract that Tradex was now offering only a 30% profit to investors due to their large client base. But, because they were friends, Imobach promised to maintain the 50% profit for him, just as in the previous contracts.

This testimony supports statements from many of the more than 160 victims who have testified in the trial. Witnesses and case documents frequently point to significant "errors or typos" in the contracts investors signed. These mistakes often appeared in personal details, investment amounts, or the promised profit, which varied between 30% and 50%.

Yesterday's witnesses were the last to be called by the parties involved in the proceedings. Today, agents from the National Police's UDEV unit will testify. They were responsible for tracking the financial transactions, including income and expenses, across the bank accounts of Tradex, Daswani, Pomares, their associates, and the scam victims.

Following this, and before the accused are scheduled to testify in mid-January, all documentary evidence will be presented. In this case, none of the parties will consider this evidence to have been previously reproduced.