Fake businesswoman sentenced to more than 10 years for defrauding 30 people with eco-bag scheme

Nancy Catalina Agudelo Arango promised investors returns of up to 45 percent through an eco-friendly bag business. A Colombian judge has now sentenced her to 10 years and three months in prison for defrauding about 30 people in Medellín and Bucaramanga.

Agudelo accepted responsibility through a plea agreement. She was convicted at first instance of aggravated mass fraud and illicit enrichment by private individuals.

According to the investigation by the Medellín fraud unit, Agudelo presented herself as a businesswoman between January 2019 and November 2024. She promoted investments through two companies that supposedly produced and sold eco-friendly bags and other products. To build trust, she claimed to hold contracts with well-known multinational companies.

The promised returns ranged from 7 percent to 45 percent of the money invested, with repayment periods of eight to 60 days. Victims paid amounts ranging from 1 million to 763 million pesos. They handed over cash, transferred money to accounts belonging to two third parties, and even provided a vehicle as part of an investment.

When payments failed to arrive, Agudelo reportedly blamed alleged bank blocks or claimed that her commercial clients had not paid. Prosecutors said she obtained more than 3.914 billion pesos in illicit profits. During the period under investigation, she also recorded financial movements exceeding 11.520 billion pesos. The ruling remains subject to the legal appeals available under Colombian law.