Dominican Central Bank warns of real estate fraud

posted on: Mar 12 2010 13:0 by Royston. Viewed 520 times.


The Dominican Central Bank (Banco Central) has issued a warning about scams involving the fraudulent use of it�s name in real estate transactions. Apparently Europeans are the main targets of the scam through the internet and bogus real estate companies to elicit deposits and taxes from purchasers by use of the Bank�s logo and false signatures of Bank employees.

The full press release is below.

The Central Bank of the Dominican Republic wishes to call to the attention of the public the fact that some individuals have been duping foreigners, mostly Europeans, through false real estate and time sharing operations by using the Central Bank and Tourism Ministry logos, as well as by using the signatures of the above mentioned government agency officials.

Transactions have been undertaken under the name of false real estate companies and lawyer firms, which identify through the Internet people who are interested in selling their properties and in time sharing activities, contacting them afterward to engage in alleged purchase transactions. The swindlers require the owners' personal data and the remittance of funds through Dominican commercial banks or through money transfer companies, alleging the need for payment of taxes according to Dominican law, explaining to the customers that until the funds are received, the sale cannot be completed.

Once the required funds are sent, the swindlers notify the seller that the person who received the money has disappeared and that the country's law enforcement authorities are working to find them. But at the same time, they say that the investigation process takes time and hence the customer should send more money to conclude the process that has been initiated.

We urge all persons to be cautious when undertaking any activities involving remittances or the use of credit cards for commercial purposes with persons using the name of the Central Bank of the Dominican Republic or any other Dominican Government agency.

Furthermore, we hereby inform the public that the Central Bank of the Dominican Republic will not assume any responsibility concerning fraudulent activities carried out against people in its name and/or of its officers. Cases reported have been made known to the corresponding Dominican and international authorities.

If you suspect that you have been a victim of a fraudulent operation or that you have been contacted in the name of the Central Bank of the Dominican Republic for purposes similar to those mentioned, please report this activity to the following e-mail address: info@bancentral.gov.do or contact the International Department at (809)-221-9111 ext. 5036 or fax (809)-686-4570.

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