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Millionaire fraud in the former Novobanco Spain ‘burn’ Abanca

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 16/10/2026, 06:11:25 UTC.

Briefings

A Spanish court has moved a fraud case involving Jacobo Vidal, former Santander manager, toward trial after he allegedly defrauded 38.5 million euros from Novobanco's Santander branch. The court declared Abanca as civilly liable as a successor, but the bank contested this, arguing the acquisition was not a full takeover. Vidal confessed in late 2019, and the case now faces a judgment that will determine if the bank must pay the victims.

Key points

• Jacobo Vidal, former Santander manager, is suspected of orchestrating a fraud scheme that resulted in 38.5 million euros in losses.
• Abanca was declared civilly liable as a successor to Novobanco's assets, though the bank contested the acquisition as a specific asset sale rather than a full takeover.

Context

The case originated in Cantabria, Spain, seven years ago when Vidal attracted clients with high-yield investment products. The bank's acquisition of Novobanco's Spanish operations in 2021 triggered the legal proceedings, with the bank now facing potential liability for the fraud.

Limitations

The evidence covers a fraud case involving one named individual and one bank, with limited public details on the specific victims' identities or the exact timeline of the fraud's execution beyond the 2019 confession.

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