A Former BAC Banker Arnold Salgado Galeano is Arrested for his Links to Operation Pandora and the Network that Misappropriated Tax Credits.
Arnold Salgado Galeano, a former executive of BAC Panama, was arrested on the morning of Monday, October 5, for his alleged links to the criminal network that appropriated tax credits through the manipulation of the e-Tax 2.0 platform of the General Directorate of Revenue (DGI). Salgado was the bank’s Vice President of Finance and Accounting, and his arrest took place at a residence in King County. In the next few hours, he must be brought before a judge for the corresponding hearing to legalize the arrest and formally charge him.
The man is linked to a network that operated within the DGI (General Directorate of Revenue), comprised of officials, lawyers, and front men, which caused at least $40 million in damages to the State. This figure could increase as the investigation progresses and other affected taxpayers are discovered. In this case, called Pandora, there are about twenty people arrested, charged and under precautionary measures since last July. Last August, BAC Panama decided to “voluntarily” join the criminal proceedings being carried out by the Specialized Prosecutor’s Office against Organized Crime.
The bank is mentioned in the investigation because it acquired most of the tax credits marketed by the network, through intermediary companies. BAC acknowledged that it acquired those loans, but that the operation was lawful, “protected by the principle of legitimate trust and legality regarding the official certifications and validations issued by the DGI,” it stated in a press release issued shortly after Salgado’s arrest.
2024
Year in which the investigations began.
$40 Million
Calculated amount of the financial loss to the State.
4
The number of crimes investigated; corruption of officials, money laundering, document forgery and organized crime.
The bank explained that its voluntary participation in the investigation will allow it to expand the direct collaboration it has maintained with the authorities, provide the documentation required for the traceability of the operations, and promptly explain its actions in the acquisition of these loans, whose payments were made after they appeared officially accredited and certified on the DGI platform.
“BAC acquired tax credits lawfully, based on the principle of legitimate trust and legality regarding the official certifications and validations issued by the DGI.” BAC Panama Press Release, October 5, 2026.
“This process does not affect our customers’ accounts, savings, deposits, or funds. BAC is maintaining its operations normally and has the levels of liquidity and solvency required to meet its obligations,” the bank stated in its press release.
