Posted: Wednesday, June 25, 2025. 6:11 pm CST.
By Aaron Humes: The Toledo Teachers Credit Union (TTCU) is navigating a significant scandal following the discovery of fraudulent loans issued to nonexistent members at its Bella Vista, Toledo District branch. This revelation comes amid ongoing efforts to restore integrity and trust within the institution, which boasts strong financial reserves to mitigate potential losses.
At its annual general meeting this past weekend, the credit union announced that a total of nine employees have been released in connection with the scandal, with the branch now operating solely with a newly trained team. “Apart from the six employees mentioned, we had to release another three, which [is a] total [of] nine. So, the branch is totally operating with new employees now trained at the head office, and all of the controls are from the head office,” TTCU General Manager Leopoldo Romero said.
While the decision to overhaul staffing aims to enhance operational security, it has also increased the workload for personnel at the main office. “It has doubled the work on the personnel from the head office, but it’s a requirement that we have to put in place and that we have to ensure that nothing like this happens again,” Romero added.
As a result of the scandal, TTCU is facing immediate financial repercussions. “For the time being, however, all our net surplus has been eroded because by law we are obligated to remove all of the fraudulent loans from the portfolio,” Romero explained. These loans, which were issued without the knowledge of the individuals involved—many of whom were not even residing in the country—are now being processed for recovery.
The removal of these loans is a legal requirement due to their fraudulent nature. Despite the challenges, TTCU remains confident in its financial stability. “The reserves of the credit union in the last 25 years have been excellent, and we were able to absorb [losses] without affecting any members’ funds or any of the assets of the credit union,” Romero concluded.
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The post Toledo Teachers Credit Union faces fraudulent loan scandal appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Wednesday, June 25, 2025. 6:11 pm CST. By Aaron Humes: The Toledo Teachers Credit Union (TTCU) is navigating a significant scandal following the discovery of
The post Toledo Teachers Credit Union faces fraudulent loan scandal appeared first on Belize News and Opinion on www.breakingbelizenews.com.
