MONTEVIDEO: An Uruguayan court has ordered the pre-trial detention of Pablo Carrasco, founder of the suspected Ponzi scheme Conexion Ganadera, which collapsed last year owing millions to investors. The scheme promised profits from cattle investments in a country with three cows per person.
Prosecutors confirmed Carrasco will remain detained until February 10, 2026, while investigations into fraud and money laundering continue. His wife, Ana Iewdiukow, and the widow of another partner were placed under house arrest.
Uruguay, known for its beef exports and high per-capita cattle numbers, has seen multiple investment scams targeting agriculture. Media reports allege Conexion Ganadera diverted funds meant for livestock, possibly operating as a Ponzi scheme. Two similar firms have also collapsed, affecting 7,000 investors.
“It is still unknown where all the money is,“ said prosecutor Enrique Rodriguez. Authorities have frozen $16 million in assets, a fraction of the missing $250 million.
Investor Silvia Bello told AFP, “The people call it fraud, but it’s theft—they stole our savings.” Protests erupted outside the Montevideo court as victims demand justice. - AFP
