Prosecutors expand criminal charges against former President Santiago Peña in Ueno Bank probe

Paraguayan prosecutors expanded criminal charges against former President Santiago Peña to include criminal association on November 13, 2026. This expansion is part of an ongoing investigation into Ueno Bank and its alleged links to a hierarchical structure within the State. Santiago Peña, who served as president from 2023 to 2026, is currently in preventive detention at the Regimiento Escolta Presidencial in Asunción following his impeachment on November 6, 2026.

Expanded indictment details

The prosecution has added several serious offenses to the existing legal proceedings against Santiago Peña. These expanded charges include criminal association, breach of trust, production of false public documents, and administration for personal benefit. Prosecutors allege that Santiago Peña acted as the head of the structure within an organized hierarchy. This alleged organization operated to favor the Vázquez Group, which maintains links to Ueno Bank.

The investigation has also targeted several high-ranking financial officials. Prosecutors charged former Central Bank of Paraguay President Carlos Carvallo Spalding with criminal association. Other individuals facing charges include former directors of the Central Bank of Paraguay, Liana Emilce Caballero Krauze and Miguel Ángel Mora, as well as Marco Aurelio González Maldonado. Former Bank Superintendent Holger Insfrán also faces charges related to the investigation.

According to El Mostrador, Santiago Peña faces a potential prison sentence of 15 years. The former president remains in custody at the Regimiento Escolta Presidencial in Asunción while the legal process continues.

Law enforcement actions and raids

On November 13, 2026, authorities conducted raids on the residences of Liana Emilce Caballero Krauze and Miguel Ángel Mora. During these searches, officials seized electronic equipment and three Ueno Bank savings certificates. These actions are part of the broader effort to gather evidence regarding the collapse of Ueno Bank, which allegedly received significant public funds, including money from pension funds.

The investigation also saw the surrender of Marco Aurelio González Maldonado, a former director and former Attorney General of the Republic. According to El Mostrador, he surrendered at a police station in Asunción. The involvement of former high-level officials highlights the scale of the alleged corruption within the state financial administration.

International asset tracking

The investigation into the Ueno Bank collapse has reached beyond Paraguayan borders. Prosecutors are currently working with authorities in Argentina, the United States, and Luxembourg to track and freeze assets linked to the bank. This international cooperation aims to recover funds potentially diverted through the alleged criminal structure.

Prosecutor Francisco Cabrera stated that several countries have confirmed the presence of assets and that efforts are underway to freeze them. The investigation continues to examine how the Vázquez Group benefited from the alleged misuse of public funds through the banking system.

Glossary

• Ueno Bank — Ueno Bank is a bank in Paraguay. It is currently involved in a crisis and an investigation regarding its collapse and alleged links to a hierarchical structure within the State.
• Central Bank of Paraguay — The Central Bank of Paraguay is a central bank. It has had various presidents and directors.
• Bank Superintendent — The Bank Superintendent is a state official. This role has been subject to removal by the Assembly.
• Attorney General of the Republic — The Attorney General of the Republic is a state official. The office is responsible for conducting investigations and monitoring legal cases.
• criminal association — Criminal association is a serious charge involving an organized hierarchy. It can be related to offenses such as sports fraud or other illegal activities.