Paraguay’s Public Prosecutor’s Office carried out a series of procedures as part of the investigation into the Ueno Bank case, including raids on offices linked to the Vázquez Group and the company ITTI, as well as on the residence of the group’s former chief executive officer, Miguel Vázquez. During the operations, documents, computer equipment and nine high-end vehicles were seized.
Both the Vázquez Group and the technology firm ITTI have come under scrutiny in the Ueno Bank investigation. The Vázquez Group is a large Paraguayan conglomerate that operates more than twenty companies across financial services, technology, retail, real estate, agriculture, mobility and entertainment.
ITTI, which forms part of the group, specialises in software development and digital solutions for the financial sector, including core banking systems, electronic invoicing and related technology services. Prosecutors have examined the links between the two entities as part of the wider inquiry into alleged irregular lending and interconnected business structures.
Document classification and equipment recovery
One of the raids was led on Thursday night by prosecutor Francisco Cabrera at one of the offices of the Vázquez Group, where a significant number of documents related to the companies under investigation were found. The material will be analysed to determine its relevance to the case.
Due to the volume of documents, the investigators conducted a preliminary search and subsequently sealed the office in order to continue the work with the support of other institutions for the classification of the material. Computer equipment and safes were also found; these will be opened with the assistance of a specialist.
Meanwhile, prosecutors raided the offices of the ITTI company, located on the 11th floor of the Paseo La Galería building in Asunción. Notebooks, central processing units, hard drives, mobile phones, folders and binders were seized and will be subjected to the corresponding procedures for analysis and inclusion in the investigation.
Vehicle seizure
Additionally, prosecutor Silvio Corbeta led a raid on Miguel Vázquez’s residence in Asunción, where nine high-end vehicles were seized. The vehicles were towed away and handed over to the National Secretariat for the Administration of Seized and Confiscated Assets (Senabico).
The proceedings involved the participation of several prosecutors, as well as officers from the Economic Crimes, Cybercrime and Computer Crimes departments of the National Police, in compliance with the court orders for search and seizure of objects.
Charges filed and origins of the inquiry
As background, the Public Prosecutor’s Office filed charges against 27 people for the alleged commission of the criminal acts of improper conduct in crisis situations, breach of trust, attempted fraud and violation of the obligation to keep commercial books.
The investigation began following a complaint regarding the alleged granting of irregular loans to companies linked to the bank. According to the prosecution’s theory, a financial scheme was established both within and outside the Ueno Bank holding company, involving companies that shared directors, addresses and operators, which allegedly resulted in financial losses.
The Prosecutor’s Office reported that the procedures were extended to other locations and that the investigations will continue with the aim of gathering evidence to clarify the facts under investigation.
Also read: As The Logos Come Down: The Rise And Fall Of Ueno Bank In Paraguay.
