Dominican Republic US$4.0B bank fraud: Déjà vu again
Santo Domingo.- The apparent fraud that led to the collapse of the Banco Peravia bank uncovers a lack of oversight by the Banks Superintendence, and a failure to learn the lessons from the demise of three major banks that hurled Dominican Republic’s economy into a tailspin in 2003, costing taxpayers more than US$4.0 billion.
The affirmation by investigative journalist Marino Zapete comes in the heels of Déjà vu lines formed early Monday and today Tuesday in front of Peravia bank’s four branches to demand the return of their deposits, after the Superintendence announced Monday that it will be dissolved.
Despite being aware of the Superintendence’s decision, dozens of customers opted to visit the bank’s main office on Churchill Av. in the Naco sector on Monday, looking to recover their money.