Dominican Republic: Financial Fraudsters Face Millions in Bail & Travel Ban

March 24, 2026 Priya Shah – Business Editor Business

SANTO DOMINGO, Dominican Republic – A judge in the National District has imposed financial guarantees and travel restrictions on two men accused of orchestrating a scheme to defraud a local financial institution and its customers, the Public Ministry announced Tuesday.

Maikol Rafael Ventura Pineda, a former employee of the unnamed bank, and Carlos Manuel Guzmán were subjected to the measures following an investigation by the National Directorate of Investigation of Financial Crimes (Dirección Nacional de Investigación de Delitos Financieros). Ventura Pineda faces a RD$5,000,000 (approximately $87,700 USD) guarantee, while Guzmán’s was set at RD$3,000,000 (approximately $52,600 USD). Both are prohibited from leaving the country and must regularly report to authorities.

According to the Public Ministry, the two men allegedly acted in concert to improperly approve consumer loans, bypassing internal verification processes and failing to comply with due diligence requirements outlined in Law No. 155-17, the Dominican Republic’s anti-money laundering and counter-terrorism financing legislation. Prosecutors Lewina Tavárez Gil and Margaret Cabrera Morillo presented the case before Judge Rigoberto Sena.

The scheme involved recruiting individuals to act as loan applicants, with the accused charging a commission of between 8% and 10% of the loan amount. Investigators also allege that Ventura Pineda and Guzmán secured loans for their own benefit using the identities of third parties, sometimes without their full knowledge or consent.

The total value of the fraudulent loans exceeds RD$74 million (approximately $1.3 million USD), according to the Public Ministry. Ventura Pineda allegedly leveraged his position within the bank to expedite loan approvals, while Guzmán focused on recruiting individuals willing to participate in the scheme.

The charges against the two men include association of wrongdoers, embezzlement, high-tech crimes, and money laundering, as defined in the Dominican Penal Code, Law No. 53-07 on Crimes and High-Tech Offenses, and Law No. 155-17.

Authorities stated that the investigation remains ongoing to determine if additional individuals were involved and to identify any further illicit loans facilitated through the alleged scheme.