Tuesday, June 18, 2024

Businessman arrested for theft of 5bn pesos from housing fund

A businessman accused of looting 5 billion pesos from the national housing fund has been arrested in Xochitepec, Morelos.

Teófilo Zaga Tawil was apprehended Friday morning for organized crime and money laundering relating to contracts between his company and the National Workers Housing Fund (Infonavit), a state run fund which helps people gain access to mortgages.

The public prosecutor’s office believes that the contracts and payouts between his company, Telra Realty, and Infonavit were illicit because they were awarded without any bidding process, and the company did not not have the capital, professional experience or infrastructure to carry out the work.

It also says Infonavit officials simulated the mediation process.

Early termination of contracts forced Infonavit to pay 5.88 billion pesos to Telra in compensation in 2017.

His brother, Rafael Zaga Tawil, and nephew, Elías Zaga Hanono, are also being sought.

Sources: Milenio (sp), Reforma (sp)

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