Financial Crime on the Rise: $200 Million Cybercrime Network Dismantled in Dominican Republic
A Major Blow to Organized Crime
Santo Domingo, Dominican Republic - In a significant operation, authorities in the Dominican Republic have dismantled a transnational cybercrime network that allegedly defrauded hundreds of US citizens out of over $200 million. The operation, known as “Discovery,” involved raids on call centers in several cities and the arrest of around 70 people believed to be working for the criminal ring.
Operation Discovery: Key Highlights
- Raids and Arrests: Authorities conducted raids on call centers in multiple cities and arrested approximately 70 individuals suspected of being part of the cybercrime network.
- Estimated Losses: The network allegedly defrauded hundreds of US citizens out of over $200 million using various identity theft schemes.
- Seized Assets: Authorities seized over $400,000 in cash, 19 million Dominican pesos (approximately $350,000), up to 30 luxury vehicles, hundreds of pieces of electronic equipment, and a number of firearms.
The Growing Threat of Cybercrime
The dismantling of the cybercrime network highlights the increasing threat posed by financial crime operations in the Caribbean. Since the start of the COVID-19 pandemic, cybercrime has grown considerably, with Dominican prosecutor Marineldy Peña Hernández stating that it has become more lucrative than drug trafficking in the country during the early stages of the pandemic.
The Connection Between Cybercrime and Organized Crime
The operation also touches on the connection between cybercrime and organized crime groups. Authorities alleged that the criminal network trafficked illegal firearms with the help of a separate organization called the Trinitarios, one of the most active Dominican gangs domestically and abroad.
Prioritizing the Fight Against Corruption and Organized Crime
President Abinader has prioritized the fight against corruption and organized crime since coming to power in August 2020. The Dominican Republic joined over 30 countries across the globe as a signatory of the initiative against ransomware and data hijacking last year.
The Rise of Cybercrime in the Caribbean
The rise of cybercrime is not limited to the Dominican Republic, with numerous Ponzi and pyramid schemes cropping up in other Caribbean nations during the pandemic. Countries have since passed legislation to fight against these schemes, including fines for cybercriminals in Guyana and efforts to identify and report financial and cybercrimes in Barbados.
A Growing Concern: Cybercrime in the Caribbean Community
The Caribbean Community (Caricom) has also listed cybercrime as one of its top security concerns, alongside the situation in Haiti and human smuggling. As the threat of cybercrime continues to grow, authorities must remain vigilant and adapt their strategies to combat this evolving threat.
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