(NewsWorthy.news) – A dangerous Mexican drug cartel reportedly confiscated millions of dollars from Americans, including the savings of many elderly citizens, in 2022, per data from the Federal Bureau of Investigation (FBI).
As part of a growing scam involving timeshares and operated by the Jalisco New Generation (CJNG) cartel, Americans are losing hundreds of millions of dollars annually. In 2022 alone, $40 million was stolen. The complicated scheme has been going on for some time, with federal authorities in the United States first becoming aware of it in recent years.
Last March, the FBI issued a warning that timeshare owners of properties in Mexico had high target rates for the scam. More than 600 complaints were submitted to the agency in 2022, saying owners had been scammed. The total losses came out to roughly $39.6 million that year alone.
According to the FBI, the scammers would utilize “high-pressure sales tactics” to get owners to sell quickly. Those who agreed to do so are then required to foot a bill upfront to cover various fees such as listing, advertising, and closing costs. Following the paid fees, owners of the timeshares submit scam reports, citing the fact that the company buyer “becomes evasive” by not answering calls and disconnecting numbers and websites.
The United States Treasury Department imposed sanctions in April 2023, targeting seven fugitives as well as 19 Mexican companies with which they are linked.
But the crackdown has come only after significant damage has already been done. One victim of the elaborate scam lost nearly $1.8 million. As The Courier Journal reports, he was first enticed into the scheme by being taunted with a sizeable profit if he sold his timeshare. Years after the scam started, the cartel assured the victim he would be reimbursed, per a deceiving lawsuit.
Decades into the ongoing pursuit by the scammers, the one victim’s losses included 99 wire transfers, 150 different people, and up to 12 bank accounts based in Mexico.
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