Honduras Court Keeps Koriun Ex-Manager in Prison

By The Rio Times | Created at 2026-10-03 18:56:46 | Updated at 2026-10-03 20:34:55 2 hours ago

Traffic on the Bulevar del Norte in Choloma, Honduras, on an overcast day

JUSTICE · HONDURAS

Key Facts

—The country Honduras, where the Koriun Inversiones scheme in Choloma promised 5 percent weekly returns and left about 30,000 people affected, La Prensa reported in February 2026.
—What happened On Friday 2 October 2026 an appeals court upheld the indictments of four Koriun defendants, keeping ex-manager Iván Velásquez in preventive prison, the Supreme Court spokesman said.
—The numbers Raids on 23 April 2025 found L358.2 million in cash (about US$13.3 million) at seven sites, El Heraldo reported on 12 September 2026, citing prosecutors.
—What it means for you The case moves on, but investors still have no route back to their money. Funds handed to unauthorised firms carry no legal protection, the regulator has warned.
—Still open No trial date has been reported. The result of a forensic evaluation of Velásquez on 3 September 2026 has not been made public.

A Honduras appeals court has upheld the case against the former manager of Koriun Inversiones, so he stays in preventive prison. Koriun was an unauthorised investment business in Choloma that collapsed after raids in April 2025.

Supreme Court of Justice (CSJ) spokesman Carlos Silva announced the ruling on Friday 2 October 2026. El Mundo reported that the court rejected all defence appeals, and the broadcaster HCH also reported the ruling.

What the Appeals Court Decided

The ruling came from the appeals court for organised crime, environment and corruption cases. It confirmed the “auto de formal procesamiento”, the order that formally opens criminal proceedings against a defendant.

Prosecutors allege that Iván Abad Velásquez Castro committed money laundering, disobedience, illegal possession of firearms and ammunition, and criminal association. He has not been convicted and is presumed innocent.

Silva said the preventive detention therefore continues. He added that no new request to review the measure was pending, after an earlier one was rejected.

cash found in the Koriun Inversiones raids of 23 April 2025 by location, from L125 million at Iván Velásquez's home to L1.5 million in Danlí, total L358.2 million

Three Other Defendants

The court also confirmed the indictments of Marcos Abel Villeda Galdámez and Juan Carlos García Ríos. Both face money laundering and criminal association charges and also remain in preventive prison.

A fourth defendant, Kefi Esmeralda Gavarrete Sánchez, faces the same two charges. She remains free under house arrest and other conditions because she had recently given birth, Silva said.

How the Koriun Case Grew

Koriun promised investors returns of 5 percent a week, La Prensa reported in February 2026. The paper put the number of people affected at about 30,000.

On 23 April 2025 prosecutors raided the Choloma head office, five branches and Velásquez’s home. El Heraldo reported they found L358.2 million in cash (about US$13.3 million), including L125 million (about US$4.7 million) at the house.

La Prensa reported that in May 2025 frozen accounts were released and L69.2 million (about US$2.6 million) ordered returned to investors. A year after the raids, the paper said, most of the money could not be traced.

Velásquez was first sent to preventive detention in May 2025, according to El Heraldo. US$ figures use 26.85 lempiras to the dollar, the rate on 2 October 2026.

Defence Claims and Investor Pressure

On 17 September defence lawyer Omar Dubón told El Mundo that Velásquez had been beaten in the maximum-security unit at Támara prison. He said he would seek house arrest, and the authorities have not publicly confirmed the alleged assault.

Some investors back him. On 25 September a group marched through Choloma demanding his release, HCH reported, saying he had promised to repay them once free.

The regulator has tried to prevent new cases, as covered in Honduras CNBS Warns Public as Investment Fraud Schemes Proliferate. On 25 August the National Banking and Insurance Commission (CNBS) warned that such schemes were spreading.

What Is Not Yet Known

No date for the trial stage has been reported, and the forensic report on Velásquez from 3 September has not been released. It is also unclear whether the defence will file a new request for house arrest.

Above all, investors do not know how much of their money can be recovered. For background on the country, see Honduras Explained 2026: The Country, Its Politics, Its Economy and What to Watch.

What was Koriun Inversiones?

A business based in Choloma, northern Honduras, that took money from the public and promised 5 percent weekly returns. It operated without authorisation from the financial regulator, according to El Heraldo.

Has the Koriun ex-manager been convicted?

No. The appeals court only confirmed that the case against him goes forward and that he stays in preventive detention. He is presumed innocent until a court rules otherwise.

Will Koriun investors get their money back?

That is not yet clear. Part of the frozen funds was ordered returned in May 2025. But La Prensa reported in February 2026 that most of the cash could not be traced.

Sources: El Mundo, 2 October 2026; HCH, 2 October 2026; El Heraldo, 12 September 2026; La Prensa, 15 February 2026; El Mundo, 17 September 2026; HCH, 25 September 2026.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error