Morropón Mayor Accused of Fraudulent Loans Using Falsified Documents

Cooperative Loses Millions in Alleged Finance Gang Scam

The Second Specialized Corporate Supraprovincial Prosecutor’s Office against Organized Crime alleged that Richard Baca Palacios, the mayor of Morropón, engaged in a network of fraudulent activity while serving as general manager of Transportes RB Perú SAC. This scheme allegedly embezzled millions from the AELU cooperative. Authorities say the mayor was part of the criminal organization known as “The Finance Gangsters,” responsible for siphoning over S/ 410 million from the cooperative.

On April 4, 2014, Baca Palacios was granted a promissory note for S/ 1,400,000, which authorities deem illegal and harmful to AELU. This loan was supposedly intended to settle a previously existing debt of S/ 983,688 from a credit granted in April 2012, yielding an initial amount of S/ 1,200,000 with S/ 416,000 remaining, ostensibly allocated for working capital.

However, according to the , the real estate collateral presented for this loan was insufficient. The property, named “Huapalas,” situated in the Huasimal sector of Chulucanas, was already pledged upstream against other credits and legally belonged to a different individual. To validate the transaction, a fabricated appraisal report, prepared by Ysabel Solis Padilla, inflated the property’s value. The report stated a commercial value of S/ 1,854,160 and a realization value of S/ 1,112,440.

The mortgage’s value was then calculated based on this inflated commercial value, not the accurate net realizable value, further amplifying the fraudulent activity. Similar tactics were employed with multiple properties.

Additionally, one fraudulent loan from 2015 for US$ 170,000, intended for apartment purchase in Santiago de Surco, Lima, was discovered. This was one of many fraudulent loans dispatched to Baca Palacios. In another case, a loan was obtained with falsified documentation to consolidate three overdue debts totaling US$ 600,000, US$ 30,000, and US$ 45,000, each secured by a single property located in Lima with questionable ownership.

This investigation is part of a broader crackdown on corruption within Peru, highlighting the systemic manipulation of financial systems and the need for stronger safeguards against fraud. Mayor Baca Palacios is considered a fugitive.

What specific tactics did Mayor Palacios and “The Finance Gangsters” allegedly use to defraud⁣ the AELU cooperative?

## Morropón Mayor Accused: A‌ Corrupt Network?

**Host:** Welcome back. Today’s breaking ‌news involves a shocking accusation against the Mayor of⁤ Morropón, Richard Baca Palacios. He’s alleged to be​ at the heart of a massive fraud scheme that has cost a local cooperative millions. Joining us today to unpack this complex case is financial​ fraud expert, Dr. Emily Carter. Dr. Carter, thanks for being here.

**Dr. Carter:** Thank you for having me.

**Host:**

Can you give us a brief overview of the allegations against Mayor Palacios?

**Dr. Carter:** Certainly. The Second Specialized Corporate Supraprovincial Prosecutor’s Office has accused Mayor Palacios, while serving‌ as general manager of Transportes RB Perú SAC, of being part of a sophisticated criminal network ‍dubbed “The Finance⁣ Gangsters.” They’re accused of defrauding the AELU cooperative out of over 410 million Peruvian soles – a staggering ⁢sum.

**Host:** And how exactly did they allegedly accomplish this?

**Dr. Carter:** Details are still emerging, but it seems they used various ‌deceptive tactics, including falsifying documents to secure fraudulent loans.⁢ This allowed them to siphon funds from the cooperative for their own gain. Such practices, as outlined in sources like ⁢Investopedia [[1](https://www.investopedia.com/financial-edge/0512/the-most-common-types-of-consumer-fraud.aspx)], are clear examples⁣ of consumer fraud, which often involves the misleading​ or exploitative use of financial systems for personal profit.

**Host:** This is a serious accusation against a public official. What are the ‌implications for Morropón and its residents?

**Dr. Carter:** ⁤This‌ case has undoubtedly shaken the trust of the community in their‌ local government. ⁤ It raises serious ​questions about transparency and accountability. The loss ⁤of over 410 million soles will undoubtedly have a significant economic impact on the cooperative and possibly the wider community as well.

**Host:**‌ What can we expect to happen‌ next in this case?

**Dr. Carter:** The Prosecutor’s Office will continue⁣ to⁢ investigate and gather evidence to build a ⁤strong case. We can expect a lengthy legal process with potential criminal charges against Mayor Palacios and others involved. The outcome of this case will send a strong message about the consequences of financial fraud and‍ abuse of public trust.

**Host:** Dr. Carter,⁤ thank you for your insights. This is‍ a developing story that we will continue to closely follow.