Banco BAC San José SA's offices in Costa Rica were raided by police on Dec. 18, as part of an ongoing investigation into an alleged fraudulent bankruptcy of one of the bank's former corporate clients, local media reported.
The investigators are looking into a "series of administrative and financial operations" carried out throughout the bankruptcy filing process of manufacturing company Corporación Yanber SA, according to a reported press release.
The company had filed for a preventive arrangement with creditors in 2015, with BAC disclosing a 613,000 Costa Rican colones loan with the institution, La Nacion reported.
Two weeks later, the debt was reportedly settled over a contract signed between executives of both companies, transferring accounts receivables from Yanber to the bank.
Investigators reportedly presume the bank might have had "undue advantage" by having its payment fulfilled in detriment of potential demands from other creditors.
As part of the investigation, judicial officers also raided the home of Gerardo Corrales, general manager of the financial institution at the time of the events, the newspaper reported.
Since 2010, the company had been reportedly logging fake sales into its books to conceal a failing financial condition. Ultimately, it filed for bankruptcy in 2018.
As of Dec. 18, US$ 1 was equivalent to 562.5 Costa Rican colones.