Home Uncategorized Deltec Bank says it is a ‘victim’ in fraud, money laundering probe

Deltec Bank says it is a ‘victim’ in fraud, money laundering probe

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NASSAU, BAHAMAS — Deltec Bank has asserted that it is one of several ‘victims’ of a criminal fraud scheme being investigated by US authorities. 

US authorities recently seized millions of dollars held by the Lyford-Cay-based bank as part of an investigation into international money laundering, wire fraud, and bank fraud. The bank said in a statement that the seizure warrant related to misconduct by two individual criminal defendants—not misconduct by Deltec Bank—with the amount currently seized amounting to approximately $45 million.

The US investigation specifically targeted “international criminal money laundering syndicates operating cryptocurrency investment and other wire fraud scams.”

The Secret Service reportedly executed multiple seizure warrants to take control of funds from Deltec’s US accounts, with the warrants authorized back in June. According to the disclosed documents, the fraudulent activities involved victims being deceived into transferring money into shell companies. These funds were then subjected to a series of transfers, primarily overseas, in an attempt to hide their origins, nature, ownership, and control.

Deltec in a statement said: “Deltec Bank is just one of many financial institutions that have been affected by this criminal fraud scheme, which was carried out by two individual defendants who are not affiliated with Deltec Bank.

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