Authorities in Belize have recently shut down an online casino ring responsible for money laundering and identification theft. Instadollar and Moneygram, two companies offering online fund transfer services for several online casinos has recently been busted for their illegal activity. Both companies were operating within the US, Turkey and Peru.
Coye Money Exchange was at the heart of the fraud, having the money pass through the phony company before being dispersed in Belize. Players would deposit their money through their online casino and it would change hands once in Belize. Authorities believe Coye Money Exchange was a front and fake company name for a gang of local money launderers carrying out the illegal operation. Legit names and identification numbers were associated with the deposits; however the address and signatures were fakes.
Local authorities are still trying to determine how local drivers’ license numbers were associated and in the control of the Coye family, the one’s responsible for the fraud. Fultec Systems, software designers responsible for developing the license database deny any connection to the Coye family and botched data.
Fulten confirms that they had been notified by Belize City Council that there database had been comprised several times. Members of the Coye family were arrested in a December raid and police seized more than $1.5 million in cash found on the premises. The investigation will continue until all those involved are caught.
