Vera corruption case: plotters bought €12m credit portfolio for just €200,000 in alleged asset-stripping scheme

According to sources close to the investigation, the network allegedly exploited the insolvency proceedings themselves to acquire collection rights owed to the company by clients, businesses, and public administrations.

These maneuvers had a double impact: they prevented funds from being used to settle debts with legitimate creditors and the tax office, while allowing entities linked to the network to collect the full value of the debts into private accounts.

In one transaction, shell companies connected to the ring allegedly secured ownership of debt collection rights worth €12m for just €200,000 - gaining control of the asset for 1.6% of its true value. In a second deal, a portfolio valued at €2.4m was snapped up for €70,000, representing 2.9% of its legal value.

To block competing bids, the network allegedly arranged direct sales that bypassed formal advertising requirements under insolvency regulations. By keeping the sales secret, the group eliminated third-party competition to guarantee acquisition of the assets.

Police investigations reveal these tactics relied on the active participation of appointed insolvency administrators and a delegated assistant.

Professionals tasked with overseeing the administration allegedly concealed the construction firm's asset-stripping and helped plan the fraudulent sales by omitting or altering true credit values in official court reports.

This line of inquiry forms the second phase of Operation Vera, led by the Anti-Corruption and Money Laundering Unit (Grupo II) of Malaga Provincial Police alongside the Tax Agency.

Officers recently arrested 10 people - five members of the founding family and five frontmen - while placing two insolvency officials under formal investigation.

Investigating Magistrate Court No. 3 in Malaga has highlighted a striking financial paradox: while Vera's total debt hole stood at around €150m, the total assets allegedly siphoned off across Phase 1 (over €100m) and Phase 2 (€60m) show the group held enough wealth to pay all creditors in full and retain a €10m surplus.

Before filing for insolvency in 2017, the network had already transferred €28m in real estate. Once court proceedings began, asset-stripping continued through simulated contracts worth over €30m, €6m in diverted cash flows, rigged auctions and €800,000 spent settling personal family debts.

Suspects face charges of obstruction of execution (hiding assets to evade debt collection), punishable insolvency, and misappropriation of funds.

Following raids in late July, judicial authorities ordered the precautionary seizure of 135 group properties - including building plots, commercial premises, homes, and land - valued at approximately €300m, alongside €1m in frozen bank accounts, €200,000 in jewelry, and €21,000 in cash.