Chapter 5: The Company That Didn't Exist
I read the transfer record four times.
The recipient company was registered as Serrano Strategic Consulting, a business with a modest office address in the southern part of Mexico City and no publicly listed employees.
Its stated purpose was corporate communications and market research.
The payment description read: *Strategic advisory services—development financing.*
The amount was almost exactly the price of the diamond bracelet.
I leaned back in my chair.
A payment had been made to a company directed by Alejandro's mistress. A bracelet had been purchased through an expense account. Someone had accessed a confidential financing schedule in the middle of the night.
Each item could potentially have an innocent explanation.
Together, they formed a pattern I couldn't ignore.
I called Lucía.
“Can you verify Serrano Strategic Consulting's registration and identify its bank account?””
“Of course.””
“Use the compliance team's approved channels. I don't want anyone contacting the company directly yet.””
“Understood.””
She paused.
“Should I inform your father?””
“He already knows about the bracelet reimbursement. I'll send him the transfer record.””
I forwarded the relevant documents and added a note requesting an independent review.
Then I opened the original financing proposal.
Desarrollos De la Vega had submitted a plan for a major mixed-use development on the outskirts of the city. The project included luxury apartments, retail space, a hotel, and a commercial center. Alejandro's family had invested heavily in acquiring the land and securing preliminary approvals.
On paper, the proposal looked ambitious but plausible.
The revised financial model was less convincing.
Projected sales had increased sharply without a corresponding rise in demand assumptions. Construction costs had been compressed. Several properties listed as collateral appeared to belong to related companies rather than the primary borrower.
Most concerning of all, the proposal included consulting expenses that were significantly higher than those of comparable developments.
I highlighted the entries.
Then I noticed something buried in the supporting documents.
A contract between Desarrollos De la Vega and Serrano Strategic Consulting.
The contract had been signed eleven months earlier.
The month Alejandro's affair with Camila had apparently begun.
I opened the scanned agreement.
The stated services included investor introductions, communications strategy, and confidential market analysis.
The payment schedule was generous.
The termination clause was unusual.
Either party could end the agreement with thirty days' notice, except in cases involving the disclosure of confidential business information. In those circumstances, the company could demand immediate repayment of certain advances.
I read the clause twice.
Then I found the signature page.
Camila had signed for Serrano Strategic Consulting.
Alejandro had signed on behalf of Desarrollos De la Vega.
I closed my eyes.
He had not merely given his mistress expensive jewelry. He had signed a consulting contract with her company, authorized payments, and allowed her business to operate inside the financial structure of his family's development project.
Whether the services were legitimate remained to be established.
But the conflict of interest was obvious.
My phone vibrated.
A message from Alejandro.
*I found the second bracelet. There are also invoices in the drawer. Some of them don't match the services described in the contract.*
I typed a reply.
*Preserve everything. Do not alter the files. Contact your legal counsel and request an independent audit.*
His answer came almost immediately.
*Can you come to my office?*
I stared at the message.
I didn't want to see him.
I didn't want to sit across from him in the building where he had once taken me for lunch, introduced me to senior executives, and told me that one day we would build a life we could be proud of.
But if the documents were authentic, I needed to understand how the consulting arrangement had been approved.
I replied.
*I'll attend a formal meeting with your finance director and counsel present. No private conversation.*
He agreed.
At two thirty, I arrived at Desarrollos De la Vega's headquarters.
The lobby was lined with polished stone, brushed brass, and framed photographs of completed buildings. A receptionist greeted me with a smile that faded when I gave my name.
“Ms. Mendoza?””
“Yes.””
She glanced toward the elevators.
“Mr. de la Vega is expecting you.””
I followed her upstairs.
The executive floor was quieter than I remembered. Employees moved between offices carrying folders, speaking in low voices, and avoiding eye contact with the people around them.
Alejandro's assistant led me into the conference room.
He was already there, seated beside the finance director, Esteban Ruiz, and the company's outside counsel, a sharp-eyed woman named Patricia Salgado.
A cardboard evidence box sat in the middle of the table.
Alejandro rose.
“Thank you for coming.””
I took the chair opposite him.
“Let's begin.””
Patricia opened her notebook.
“Ms. Mendoza, we understand that you are reviewing our financing proposal on behalf of Grupo Vanguardia. We also understand that certain documents may have come to your attention that raise questions about the consulting relationship between Desarrollos De la Vega and Serrano Strategic Consulting.””
“That's correct.””
“Are you conducting an investigation into our company?””
“No. I'm reviewing a financing application. The access incident and the reimbursement records were identified through separate compliance processes.””
Esteban cleared his throat.
“I can confirm that the consulting agreement exists. The original payments were approved through our standard accounting system.””
“By whom?”” I asked.
He glanced at Alejandro.
“Several departments participated.””
“Who had final approval?””
Esteban opened a folder.
“Mr. de la Vega approved the original contract.””
Alejandro stared at the table.
I kept my voice neutral.
“Were the services verified before payments were made?””
“Some were.””
“Which ones?””
Esteban shuffled the papers.
“We received reports, presentation materials, and market summaries.””
“Are those materials available?””
“Yes.””
“Were they prepared by Camila Serrano?””
“We believe so.””
“Do you have evidence that she performed the work described in the invoices?””
He hesitated.
“Not for every invoice.””
Patricia intervened.
“We're conducting an internal review. It would be premature to draw conclusions.””
“I agree,” I said.
“That's why I'm asking questions.””
Alejandro finally looked up.
“I trusted her.””
The words came out quietly.
For a moment, I saw the man I had married—the man who had once admitted that he was afraid of disappointing his father, that he felt trapped by the expectations of his family, and that he sometimes wanted to walk away from the company entirely.
I had listened to those fears in the dark, my hand resting against his chest.
I had believed that sharing his vulnerabilities meant we were building something lasting.
Now I understood that I had known his fears better than I knew his business.
I kept my expression composed.
“Trust isn't an approval process.””
He flinched.
Esteban opened the evidence box and removed a stack of invoices.
“We found these in Mr. de la Vega's office this morning. Several reference consulting work that we cannot currently verify.””
I examined the first invoice.
The second.
The third.
The descriptions were vague: investor research, confidential introductions, strategic access, relationship development.
One invoice included a line item for an executive hospitality package.
Another referenced a luxury gift purchased for an unnamed business contact.
I turned the page.
The attached receipt showed a jewelry purchase.
Seven diamonds.
Floral setting.
I placed it on the table.
“Is this the bracelet Camila wore yesterday?”” Patricia asked.
“I can't authenticate the piece from a receipt alone,” I replied.
“But the design and purchase details appear consistent with the appraisal in our records.””
Alejandro pressed his fingers against his forehead.
“I thought it was a personal gift.””
“Then why was it reimbursed through your company?””
He didn't answer.
Patricia looked at him.
“Did you authorize this expense as a business cost?””
“I signed the reimbursement request.””
“Did you disclose your personal relationship with Ms. Serrano?””
His silence was immediate.
Esteban looked down.
Patricia closed her notebook for a moment, then reopened it.
“Mr. de la Vega, we need a full accounting of every payment made under this agreement.””
Alejandro nodded.
“I'll cooperate.””
I turned to the final invoice.
The amount was significantly larger than the others.
Its description read: *Confidential collateral review and financing intelligence.*
The payment date was three weeks before the financing proposal was submitted to Grupo Vanguardia.
I looked at Esteban.
“What exactly was purchased?””
He frowned.
“I don't recognize that description.””
“Who approved it?””
He checked the signature.
His face changed.
“Mr. de la Vega.””
Alejandro leaned forward.
“Let me see that.””
Esteban passed him the page.
Alejandro stared at it.
“I don't remember approving this.””
Patricia's expression hardened.
“Your signature is on the document.””
“I know what my signature looks like.””
“Then we need to determine how it was placed there.””
I watched him.
He looked genuinely confused.
That didn't prove he was innocent. A man could be shocked by the consequences of his own actions without being surprised by the actions themselves.
But something about the invoice was wrong.
The payment had been processed through a subsidiary account that didn't appear in the original financing schedule.
I pointed to the account number.
“Why was this paid through a subsidiary rather than the primary development company?””
Esteban examined it.
“That account was used for certain project expenses.””
“Was it disclosed in the proposal?””
He didn't answer.
Patricia took the page.
“We'll need to investigate that.””
I gathered my notes.
“My role here is to identify issues that affect the financing proposal. Based on the documents I've reviewed, there are material questions about related-party transactions, expense approvals, and the accuracy of the financial disclosures.””
Alejandro looked at me.
“Does that mean your father will reject the proposal?””
“It means the committee needs complete and accurate information before making a decision.””
“Valeria, if the financing falls through, the entire project could collapse.””
“Then your company needs to demonstrate that the project is financially sound.””
He leaned toward me.
“People could lose their jobs.””
I held his gaze.
“Then you should have thought about those people before approving expenses you couldn't explain.””
His face tightened.
Patricia closed the evidence box.
“We'll provide the requested documentation through the formal review process.””
I stood.
“Thank you.””
Alejandro rose with me.
“Valeria, can I walk you out?””
“No.””
He remained beside the table as I moved toward the door.
Then he said, “I really did love you.””
I stopped.
The words sounded different in that conference room, surrounded by invoices, signatures, and records of money transferred to his mistress's company.
I turned back.
“Maybe you did, Alejandro. But you also trusted her with your family's business, lied to your wife, and signed documents you apparently didn't understand.””
His eyes reddened.
“I thought I was doing what I needed to do to keep the company alive.””
“And what did you think I was doing all those years? Keeping our marriage alive by myself?””
He had no answer.
I left.
In the elevator, I took out my phone and sent my father a short update.
*The consulting contract is real. Several invoices cannot be verified. There is also a payment described as confidential financing intelligence, processed through a subsidiary account.*
His reply arrived before the elevator reached the lobby.
*Do not draw conclusions yet. Ask compliance to trace the payment and identify every person who had access to the account.*
I put my phone away.
When I stepped onto the pavement, a black sedan was parked across the street.
A woman sat in the passenger seat.
Camila.
She was watching the building's entrance.
The moment she saw me, she opened the car door and stepped onto the sidewalk.
She wore sunglasses and a white blouse. Her diamond bracelet was gone.
“Valeria!””
I kept walking.
“Please. I need to talk to you.””
I stopped beside the curb.
“About what?””
Her eyes moved toward the building.
“Not here.””
“Then you should have arranged a formal meeting.””
“I'm serious.””
“So am I.””
She stepped closer, lowering her voice.
“Alejandro doesn't understand what he's involved in.””
I stared at her.
“You worked for his company. You received payments from it. You wore jewelry he bought.
You accessed my father's confidential financing file. What exactly do you think he doesn't understand?””
Her face paled.
“You don't know the whole story.””
“Then tell me.””
She glanced toward the sedan.
For the first time, she looked frightened rather than arrogant.
“I didn't download that page to hurt you.””
“Who did you download it for?””
Her lips parted.
Then she looked over my shoulder.
I turned.
A man in a charcoal suit was crossing the street toward us. He carried no briefcase, and he wasn't looking at his phone. His eyes were fixed on Camila.
She took a step backward.
“Not here,” she whispered again.
The man stopped a few feet away.
“Ms. Serrano,” he said, “you were told not to discuss the file.””
Camila went white.
I looked at him.
“Who are you?””
He ignored me and extended his hand toward her.
“Give me the copy.””
Camila shook her head.
“I don't have it.””
His expression hardened.
“Don't make this more difficult than it needs to be.””
I reached for my phone.
The man noticed.
“Put that away.””
I didn't move.
Camila suddenly turned toward me.
“Valeria, listen to me. The bracelet wasn't payment for an affair. It was—”
The man grabbed her arm.
She gasped.
I stepped forward.
“Let her go.””
He released her immediately, but his gaze remained cold.
“This is a private matter.””
“Then discuss it with her lawyer.””
Camila looked at me with naked desperation.
“The money was never supposed to go to Alejandro's company. They used his company to—”
The man seized her wrist again.
“Enough.””
A horn blared behind us. The sedan's driver leaned across the seat and shouted something I couldn't hear.
Camila twisted free.
Then she shoved a small folded piece of paper into my hand.
“Don't let them destroy the original,” she whispered.
The man stepped between us.
I backed away, gripping the paper inside my palm.
He watched me for another second before guiding Camila toward the sedan.
She looked back once.
There was no triumph in her face now.
Only fear.
The car pulled away.
I stood on the sidewalk, surrounded by the ordinary noise of the city, and unfolded the paper.
It contained a bank account number, a transfer reference, and four words written in hurried handwriting.
*Ask who owns Varela Holdings.*
I photographed the note and sent it to my father.
His response came almost immediately.
*Come to my office. Now.*
Then another message appeared.
*Valeria, do not investigate Varela Holdings on your own.*
I stared at the screen.
Because I had seen that name before.
It appeared in the financing proposal, buried among the companies listed as collateral providers.
May you like
And according to the document I had reviewed that morning, Varela Holdings owned one of the most valuable properties pledged against the De la Vega development.
The same property Alejandro's family claimed was entirely under its control.
