Uruguay's Phantom Cows: A $350 Million Scandal Unveiled

In Uruguay, a $350 million financial scandal has rocked the nation as investors struggle to locate their missing 'phantom cows' from a collapsed livestock investment scheme. The scandal, which involves fraudulent cattle tracking, has led to multiple investigations, bankruptcies, and even a suicide of one firm's co-owner.

Lucinda Elliott reports from Artigas, Uruguay, where an unprecedented financial scandal involving missing cattle has investors reeling. The collapse of a 'cow bond' scheme has led to staggering losses of $350 million, thrusting the country into turmoil and prompting investigations into fraud and mismanagement.

One key player, Conexión Ganadera, is under scrutiny as it struggles to account for phantom cows, leaving investors like Sandra Palleiro in disbelief. Despite promises of guaranteed returns, many savers now face uncertain futures, with evidence suggesting only a fraction of the promised livestock actually existed.

Authorities continue their investigation, while victims, including politicians and priests, demand accountability. This scandal not only impacts Uruguay but also raises questions in neighboring countries about the integrity of their own livestock investment schemes.

(With inputs from agencies.)