HomeNews
News

Businessman arrested for theft of 5bn pesos from housing fund

MND Staff
By MND Staff
0
An Infonavit housing development.
Formally employed workers registered with the Mexican Social Security Institute (IMSS) can receive assistance from the housing institute Infonavit to buy or build small, affordable homes. (Casas Infonavit)

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)

Have something to say? Paid Subscribers get all access to make & read comments.
Burned and smoking stalls at Acapulco's Central Market

Fire damages 108 stalls in Acapulco’s Central Market

MND Staff - 0
Officials identified a short circuit as the possible cause of the worst blaze to hit the market since 2023.
Mexican President Claudia Sheinbaum and US President Donald Trump

Under pressure from Trump on cartels, Sheinbaum turns spotlight on US drug use

MND Staff - 16
Responding to Trump's call for Mexico to do more against cartels, Sheinbaum posed a pointed question of her own about drug use, money laundering and weapons north of the border.
A crocodile relaxes in the sun on Playa Bocanegra in Puerto Vallarta, Jalisco, Mexico

As Puerto Vallarta grows, officials weigh crocodile relocation plan

MND Staff - 0
Moving the reptiles is only a possibility at this point, but the discussion has arisen after weeks of increased sightings, a fatal croc attack, and 11 dead crocodiles, at the very least two of them at the hands of human beings.
BETA Version - Powered by Perplexity

VIDEO OF THE WEEK