Proceso magazine revealed that the fraud committed against the Cruz Azul Cooperative is seven times greater than the Master Scam
MEXICO – The legal problems of Guillermo Álvarez Cuevas, former president of Blue cross, they continue to regulate the main journalistic means. This is the case with the report recently presented by Proceso magazine, which shows that the aforementioned manager’s embezzlement was “a seven times bigger robbery than the Master Scam”.
Method cites the fraud committed by ‘Billy’ Alvarez it exceeds 45 billion pesos, as stated by a member of the administration and according to the documentation of the external auditors.
That amount leaves the call very low ‘Master crook’, in which 7 thousand 670 million pesos were diverted from a number of federal institutions, measuring the damage orchestrated by the firm CBL Fiducia, created by the former directors.
“No one has seen this case with the magnitude it has, the catastrophe of what the damage is to the cooperative, in terms of amounts and the economic damage that this person (Guillermo Álvarez) has been able to inflict on the members of the cooperative”.
Adds the interviewee, whose identity is not revealed, “If we go to the numbers, this robbery is seven times bigger than ‘The Master scam’.”
As indicated in the report, in 2016 Guillermo Álvarez Cuevas, his brother Alfredo and Victor Garcés, devised a mechanism “to usurp the cooperative”, together with the lawyer Ángel Junquera, the lawyer who was investigated for alleged participation in the money laundering of La Cooperative La Cruz Azul.
On August 15 of that year (the report added), the Cooperativa La Cruz Azul SCL, represented in the case by Guillermo Héctor Álvarez Cuevas and Afianzadora Fiducia, SA de CV, represented by its fiduciary representative, Pablo Martínez de Velasco y Velasco, entered into a guarantee trust agreement with the aim of “capitalizing” the retirement and retirement fund of Cooperativa La Cruz Azul, SCL, and the results showed that the trustee merely facilitated the misuse of funds.
It is detailed that the lawyers of ‘Billy’ Alvarez and the company paid millionaire figures, as it did for other services, without prejudice to the discovery of ghost businesses, giving the former Cruz Azul leaders large sums of money.
In this sense, it is seen that Fiducia will bill the cooperative monthly for the rent of its own plants.
“What was the strategy of Guillermo Alvarez and your relatives? First, they valued all of the cooperative’s assets, including the factories and corporate building in Gran Sur, Mexico City, and paid the same public broker three times the valuation of those assets. “
Likewise, it is noted that “for these valuations the public broker charged more than 80 million pesos”, in such a way that for the assets of the two factories they delivered the two factories correctly, with a value of 42,300. million pesos, according to confirms.