Offshore Alert reports that the Royal Canadian Mounted Police have attacked money exchange firm Ofinter SA, with simultaneous raids in Costa Rica, the Turks & Caicos Islands, St. Vincent & the Grenadines, Trinidad & Tobago, St. Lucia, Panama and Colombia.
According to Offshore Alert, Ofinter SA is a money exchange operation run by brothers Luis Enrique and OswaldoVillalobos who also run a high yield investment program which purports to offer participants a return of three per cent per month. The scheme has been going on for many years and was promoted by word of mouth among Costa Rica's large expatriate community, which consists largely of North American retirees.
The RCMP said at an Ontario press conference that they had arrested eight Canadians, including two in the Turks & Caicos Islands, and seized 590 kg of cocaine with a street value of US$91m, although in wasn't clear in which country the drugs were seized. No charges have yet been brought against the Villalobos brothers.
OffshoreAlert says that it has been investigating the activities of the businessmen for several months and will publish a comprehensive report on their affairs in the July 31, 2002 edition of its newsletter (http://www.offshorebusiness.com/offshore_alert.asp).
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