Investors in a cattle fund were promised returns of between 20% to 40%. However, the supposed fraud affected not just businessmen, but also 80 graduates of top universities and sons of politicians. They invested money hoping to multiply it quickly but ultimately lost it all.
Felipe Rocha, whose family owns the esteemed Achury Viejo cattle ranch, allegedly took advantage of his social status to lure in the wealthy elite of Colombia. Rocha reportedly convinced them to invest, resulting in a loss of 8,000 million pesos for his 16 clients. However, it was discovered that some people invested up to 1,000 million pesos. Rocha had managed to gather 70,000 million pesos since 2017, but with the fragility of the Ponzi scheme, it inevitably collapsed, leaving investors empty-handed. Reportedly, those who invested were awaiting payment on March 22, but there was no sign of payments. Rocha has offered to answer for the resources delivered to him, and a conciliation process is likely to begin soon.
The amount of some individual investments in the supposed cattle fund that promised profits of between 20% and 40% was known.
Details of the alleged fraud suffered by at least 80 graduates of the best universities in the country, businessmen and even sons of politicians. Those people invested their money to multiply it in a short time, but the business would have gone to the ground and now his money is in a bag.
(Also read: The son of the former president fell into an alleged scam with cattle, amounting to $ 70,000 million)
Felipe Rochawhose family owns the renowned cattle ranch Achury Viejo, would have taken advantage of his social status to captivate more than 80 Colombian elite people, with whom he shared in the most exclusive clubs in Bogotá. She convinced them to invest and, although his model worked for a few years, at the beginning of 2023 it fell off.
How much millionaires invested in alleged pyramid with cattle
Lawyer Juan Felipe Criollo, who represents 16 people who fell for the alleged scam, specified in In Radio that their clients would have lost more than 8,000 million pesos. That is to say, their investments were 500 million pesos, on average.
However, it was learned that the aforementioned business, which seems to have completely collapsed, received much higher investments. RCN Radio indicated that some people put up to 1,000 million pesos.
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With amounts of that category, Rocha would have managed to capture 70,000 million pesos since 2017. Since that year, the process has progressed correctly, but unfortunately for the investors, time and the fragility of what was configured in a kind of Ponzi Scheme, ended up falling apart.
“Felipe Rocha advanced a pyramid scheme in which he made people believe that there were some investments in cattle and such a thing never happened. He has been at it for many years and, like any pyramid, there is a moment when it bursts and the fact of bursting makes people immediately cautious, they ask for the money back and there is no money back, because basically there is no money,” said lawyer Fabio Humar, attorney for several people who declared themselves as victims in the process.
The investors agreed with the promoters of that alleged pyramid that Wednesday, March 22, was the deadline to receive their capital. However, there were no payments, indicated W Radius. Apparently, they are conditioning the payments to stop any complaint to the Attorney General’s Office.
The last thing that was known about the case is that Rocha would have indicated that he is willing to answer for the resources that were delivered to him, which is why the start of a conciliation process is expected.
In conclusion, the alleged cattle fund scam that promised huge profits to investors has ended in a disaster. Over 80 graduates, businessmen, and even sons of politicians invested their money, hoping to multiply it in a short period of time. However, their investments are now worth nothing. Lawyer Juan Felipe Criollo claims that his clients have lost more than 8 billion pesos, with an average investment of 500 million pesos. The business received much higher investments, with some people putting up to 1 billion pesos. This means that Rocha managed to capture 70 billion pesos since 2017. Unfortunately, this pyramid scheme eventually fell apart, leaving investors with nothing. Rocha has come forward, indicating that he is willing to answer for the resources that were delivered to him. However, the start of a conciliation process is expected. It is a hard lesson for investors to conduct thorough due diligence before investing in any venture.