Dominican Republic arrests Panama fraudster
THE PRESIDENT of an Insurance company seized by Panama authorities last year, has been arrested in the Dominican Republic where he is accused of massive bank fraud.
Omar Farias President of Insurance Constitution, was arrested while trying to leave the Dominican Republic.
The Insurance and Reinsurance Insurance Authority of Panama took over Insurance Constitution last year and ordered its forced liquidation.
At the time, the Superintendent received complaints from policyholders and brokers, over insurance policies issued by the insurer.
Superintendent Jose Joaquin Riesen said the company had been operating for four months without the support of reinsurers, something that was required.
A statement from the office of the Dominican Republic District Attorney said: “”Farias is being investigated for alleged fraud in the Dominican Republic related to Bank.
” Omar José Farías, accused of complicity in the violation of Monetary and Financial Law and money laundering, was arrested Thursday night August 4, by a warrant issued by Judge Solange Raquel Vasquez…. The National District Attorney arrested Farias one of the accused in the multi-million dollar Peravia Bank fraud when he was preparing to leave the country on a private plane through the International Airport of Punta Cana”.
A total of 20 people are under investigation in the Dominican Republic for a possible $30 million bank fraud.
