Financial Crime World

Andorra’s Dark Underbelly: €16 Million Ponzi Scheme Exposed

======================================================

A Web of Deceit: The International Quiding SARL Scandal

A shocking revelation has emerged in Andorra, where a group of investors have fallen victim to an elaborate €16 million Ponzi scheme. The scheme was orchestrated by Pieter Henderikus Langelaan, a resident of Andorra, who founded the Luxembourg-registered company International Quiding SARL (IQ).

The Promise of Riches

Langelaan promised investors that IQ would manufacture revolutionary glass stoppers for the wine and liquor industry, predicting it would become the largest producer in the world. However, an investigation has revealed that Langelaan used investor funds to fund a lavish lifestyle, rather than investing in the company as promised.

The Investigation Unfolds

The scheme was uncovered when one of the investors became suspicious and demanded answers on how IQ was progressing. Langelaan attempted to buy back shares from the investor, but failed to make good on his promise. An investigation has since revealed that:

  • Langelaan used investor funds to fund a lavish lifestyle
  • The company’s assets were frozen in favor of the plaintiff by the Courts of Luxembourg
  • 7,000 shares were transferred illegally to Vall Banc SAU, a leading banking entity in Andorra

Questions of Accountability

The lack of action from the authorities raises questions about whether Andorra is becoming a haven for fraudsters and criminals. The Andorran Financial Authority (AFA) has been approached but has failed to respond to allegations.

  • AFA’s General Manager Ramon Lopez has refused to comment on the matter
  • Vall Banc SAU’s CEO Jose Luis Dorado has also declined to speak out

Concerns Over Due Diligence

The case has highlighted concerns over due diligence practices in Andorra, with experts warning that lax regulations could lead to further financial scandals.

The Road Ahead

As the investigation continues, it remains to be seen whether justice will prevail and those responsible for the Ponzi scheme will face consequences.