Los Cabos, Baja California Sur – A report by Excelsior of Grupo Imagen says that Spanish banks Bankia and Caixa Bank are involved in real estate fraud on land near Cabo Pulmo and into Playa del Carmen.
Excelsior says that experts have found that the banks simulated the sale of land on beaches in Los Cabos. It is presumed that the fraud amounts to more than $150 million USD in federal taxes and more than $6 million USD to the municipality.
The properties Vinorama and Piedras Bolas, valued at more than $370 million USD are in the zone of greatest value, however, they were sold below the commercial price.
The tourist property Vinoramas, located in San José del Cabo next to several developments and near Cabo Pulmo with a size of 18.3 million square meters and more than 2 kilometers of beach, was sold to Imacor Desarrollos represented by Jorge Mercade Dura and Andrés Rubén Castillo Hernández, at a price of $10 million USD.
Real estate experts pointed out that Vinoramas has a value at least 20 times greater, leading them to believe that the operation was a plan to save on corresponding taxes.
A second plot of land was sold by the mercantile company Inmoviliaria Piedra Bolas, represented by Jorge Mercade Dura and Andrés Rubén Castillo Hernández, to the mercantile company Six Fund represented by Luis Raúl Lizárraga Duran.
This property was sold for $5.5 million USD, which turned out to be 60 cents per square meter.
A third plot was sold by Inmoviliaria Piedras Bolas to Itze Tourism represented by Jorge Domínguez del Pino and Iván Baldasano Ramírez, for a cost of $45 million USD, equivalent to $11 USD per square meter.
However, the cost per square meter for this property is 1,000 peso, making the sale fraud and corrupt, say their real estate experts.
They also say that in Quintana Roo, there have been simulated auctions of apartments in Playa del Carmen at prices of 15 percent of their real value, which legal experts point out, relates to fraud and even money laundering.