A Panama Banking Fraud Ring Falsified Employment And Social Security To Obtain Bank Loans -

(MENAFN- Newsroom Panama) An operation carried out by the National Police and the Public Prosecutor's Office resulted in the arrest of 12 individuals investigated for alleged financial crimes and money laundering through fraudulent procedures to obtain loans to the detriment of banking institutions. This is how the network operated: they falsified employment letters, Social Security records, and reference notes from nonexistent companies to make it appear they were eligible for bank loans. According to the investigation, armed with all this documentation, some members of the criminal network approached banks to request loans. The Public Prosecutor's Office and the Police detected a loss of $400,000 through bank fraud.

Police Dismantle Criminal Network Dedicated To Financial Crimes And Money Laundering

The National Police and the Public Prosecutor's Office carried out Operation Ecos in the provinces of Panama, Panama Oeste, Colón, and Coclé, targeting financial crimes and money laundering through fraudulent procedures for the acquisition of personal and auto bank loans. Approximately 12 people were arrested, and technological equipment, various documents, and a vehicle were also seized. The modus operandi of this criminal group consisted of presenting false documents such as records, employment letters, and information from supposed companies, managing to obtain 14 car loans and 8 personal loans, causing financial losses exceeding $400,000 to a local bank.

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