Yves Alexandre Giroux surrendered to the authorities yesterday.
By Escarlin Pozo
El Inmobiliario
SANTO DOMINGO.- She dedicated her entire life to working in a kitchen in Europe. Her greatest hope was that, with the money she saved with great effort, she would be able to buy a property in the land where she was born and leave for a better future: the Dominican Republic.
This hardworking woman thought she had found a great deal that would allow her to achieve this major life goal. But it wasn't so. Today, she is listed as one of the 128 victims of the real estate scam that occurred in the country, dubbed "Operation Cheetah," by the Public Prosecutor's Office.
According to lawyer Carlos Báez, who represents 43 plaintiffs, this woman was one of the people who made one of the largest contributions to reserve her apartment, investing a total of $28,000, representing 80% of the total value of the property.
The alleged fraudsters, identified by the Public Prosecutor's Office, were simultaneously selling two attractive projects through social media: Romana Victoriana Residences and Bávaro Victoriana Residences. Their modus operandi was to offer properties at prices well below market value, with discounts of up to 50%.
In La Romana, according to Báez, they had a total of 439 apartments for sale, of which “more than 300 had been sold.” In Bávaro, they had an average of 428 apartments available for sale.
According to the 287-page file of the request for coercive measures prepared by the Public Prosecutor's Office, Rocío del Alba Rodríguez de Moya, one of the defendants arrested last Friday the 7th during the operation by the authorities, allegedly acquired RE/MAX One to act as master brokers for the projects linked to the fraud, in order to create "trust" in the buyers.
When they started selling in 2021, they promised that the housing projects in La Romana would be delivered in 2024. A scenario that never happened.
But even worse, a representative of some of the victims explained that the land where the project was to be built hadn't even been fully paid for. "In other words, from the beginning they intended not to carry out this development.".
Yves Giroux surrenders as accused
Yves Alexandre Giroux, one of the main suspects, who was a fugitive, surrendered yesterday, Tuesday, to the prosecutor's office in La Romana.
“Giroux was dedicated to promoting real estate projects, attracting buyers from the Dominican Republic, Puerto Rico, the United States and Europe, through the promotion of RE/MAX, being an international company, highly recognized for its credibility in this market,” the Attorney General's Office (PGR) reported after his arrest.
In the case of Loany Lismeiry Ortiz Nova, Báez pointed out that she is a fugitive and, according to information that has been developing, she could be in Colombia.
Marisol Nova Nolasco is also under arrest in connection with the case for her involvement in this criminal structure that committed fraud under the name of the company Novasco Real Estate SRL.
“We will remain cautious, but yes, the Public Prosecutor's Office, in its investigations, may continue to implicate other people who also have to face charges for their participation,” the lawyer revealed.
Carlos Báez said that other people will have to appear before the courts, since there are four companies that are involved in the same scheme, offering real estate and having attracted clients to deposit money with the Novasco company.
Most of those affected are abroad. In Europe – Switzerland, Spain, and the Canary Islands – as well as in the United States and Puerto Rico.
How to identify a suspicious offer and avoid being scammed
For his part, lawyer Marcelo Álvarez, who also participated in the program El Día, and who represents 14 victims, revealed a mechanism to avoid being scammed.
Initially, he indicated that even if people have 100% of the money that represents the cost of the apartment, they must reserve 90% and pass the other 10% through a bank's filter.
Álvarez emphasized that banks are entities with rigorous verification processes, which makes them less likely to be deceived.
Therefore, he recommended that if a banking institution rejects a loan without the applicant having personal credit problems, it should be considered a warning sign.
This could indicate that the bank has identified irregularities in the real estate project and has decided not to get involved.
In that case, the buyer should investigate thoroughly before proceeding with the investment, thus avoiding falling into possible scams.
During his time as a legal advisor, he pointed out that when they represent a person, they request the following documents from the developers: a copy of the property title certificate to determine in whose name this title is held and the certification of the legal status of the property.
“This will tell us if there is any litigation, any debt, any opposition, anything that prevents the title from finally being transferred to the developer,” he said.
Cover photo: Victoriana Bávaro Project, one of the projects marketed by Novasco Real Estate SRL under a fraudulent scheme, according to the Public Prosecutor's Office.
