Recorded telephone conversations prove that DMG executives knew their
pyramid scheme was going to collapse and started to destroy
incriminating evidence.
Colombia was rocked late last year when the pyramid scheme scandal run by DMG financial group, in which countless Colombains invested their savings, collapsed.
Telephone records show that as early as August, DMG subsidiaries around the country began to call DMG executive William Suárez to inform him they didn’t have the millions of pesos in returns that investors had been promised.This was why the financial group began to offer unsustainable monthly interest of 300 per cent according to El Tiempo.
The recordings show Suárez to be the brains behind the operation, who had well oiled sources in both the tax office and the state prosecution. These sources informed him well in advance of the movements of the authorities
Two days prior to a raid on DMG headquarters, records show Suárez called fellow executive Daniel Ángel to inform him of the impending bust and arrange the removal of potentially incriminating records.