The Economic and Financial Crimes Unit and the national police in Spain uncovered a scheme led by a man identified in official reports as Mukesh Daswani. Investigators say he redirected funds from dozens of victims into stock-market ventures, instructing them to provide cash payments rather than electronic transfers during the later stages of the investment process. The case has drawn attention for its aggressive marketing and the way it presented itself as a close, personal opportunity to potential investors.
The advertising approach used by the suspect relied on direct, personable messaging. One of the principal tactics featured a photo of the operator under the banner I am Tradex in bold lettering, followed by a smaller note about investing experience, diligence, and creativity. The trading operation was described as a company highly specialized in trading, with a greeting that invited new clients to feel at home. The campaign thus created an impression of trust and accessibility, which authorities believe helped the scheme scale quickly.
More than fifty individuals were affected by the scheme
Authorities report that the suspect was detained by Spanish and international officers within a week, with initial estimates placing the fraud at around four million euros. An international arrest warrant was issued through Interpol by a Tenerife court, based on indicators of aggravated fraud and money laundering. This warrant enabled the suspect to be located and apprehended in an overseas Persian Gulf country in October.
Shortly after, the court in Santa Cruz de Tenerife requested that the Ministry of Justice and the Directorate General for International Legal Cooperation begin procedures to secure extradition to Spain. Legal experts note that extradition can take several weeks to more than a month, and the case is typically reviewed in the country of arrest before any transfer occurs to Spain.
There are indications that a partner associated with the primary suspect is also under investigation for ties to the alleged fraud and money laundering activities. The partner reportedly remained in Tenerife after the suspect fled, later accompanying the investigation abroad in connection with the case.
Investigators from the Economic and Financial Crimes Unit are examining whether funds were actually used to finance stock-market investments or simply to sustain the cash-heavy scheme used to solicit returns. Victims reported promises of 50 to 30 percent returns within two months, a hallmark that many analysts view as a classic pyramid structure. Public statements from authorities emphasize the need to verify how funds were moved and whether any legitimate investment activity occurred.
Potential timelines for resolution
Legal counsel involved in the case notes that more than fifty affected individuals have filed complaints, with more than thirty directly connected to a single law firm. Estimates of how many victims exist range widely, and some sources suggest hundreds of potential claimants. Jurists caution that the total fraud amount could range from four to six million euros, depending on how investigations unfold and how many reports are ultimately categorized as part of the case.
Experts describe the discovery of the Tradex matter at the end of July and the rapid sequence of arrests in a non-EU country as a notably swift development. The Tenerife court system has been praised for its expeditious handling of procedural steps, particularly given the international scope of the case. In the weeks leading up to the first complaints, the operator is alleged to have urged investors to hand over cash directly rather than using wire transfers, a tactic aimed at reducing traceability and complicating enforcement efforts.
The broader context of this investigation includes ongoing assessments by investigators and prosecutors regarding the legitimacy of investments offered in the marketing materials. The case underscores the importance of due diligence, especially when investment opportunities are presented with the promise of high, rapid returns and a relaxed, social tone that lowers skepticism.
Sources indicate that authorities may continue to pursue additional victims and assets tied to the Tradex operation. The investigation remains active across multiple jurisdictions, with ongoing legal coordination and potential further actions as more information becomes available to courtrooms and police agencies around the world. This case serves as a reminder that careful verification of investment claims is essential for anyone considering high-yield opportunities, particularly when the appeal is personal and cash-centric.
A spokesperson for the investigative team noted that the rapid escalation from complaint to arrest reflects a coordinated effort between local authorities and international partners. The process to determine extradition and any subsequent trial will depend on legal rulings in the arresting country and the status of procedural requirements in the Spanish system. Marked citations to official agencies and court records provide the basis for ongoing updates as the situation develops.