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6 clusters · 24 sources · 33 days · First seen · Last updated

Panama Operation Pandora tax fraud

Overview

In early July 2026, Panama’s fiscal authority and Public Ministry dismantled Operación Pandora, a five-year scheme that created roughly US$42 million in bogus e-Tax credits. Thirteen people were arrested and about US$40 million was recovered. Subsequent investigations linked the credits to BAC International Bank, which had purchased millions of the fraudulent credits. An internal audit by the Dirección General de Ingresos (DGI) found US$42.4 million in credits used by the bank, of which about US$36 million were improper, expanding the case to seventeen charged individuals, fourteen in provisional detention and three under house arrest. The Panama Chamber of Commerce, Industries and Agriculture warned that the scandal exposed major digital-system vulnerabilities and called for independent audits, automatic alerts and a digital custody chain.

On 31 July, a Tribunal de Garantías ordered the provisional detention of Adolfo Cosme Quintero, accused of directing the diversion of funds through Master Eco Green, bringing the total number of suspects to eighteen. The investigation spans three related probes: E-Tax 2.0, Publicano, and Pandora.

On 3 August, the Minister of Economy and Finance, Felipe Chapman, announced that the e-Tax platform will be replaced by a new, fully traceable digital system to eliminate manual steps that allowed manipulation. The MEF also froze all suspicious credit applications, dismissed implicated officials, and requested an audit from the Comptroller General.

On 14 August, BAC Panamá announced it would voluntarily join the criminal proceedings to assist authorities with the traceability of operations involving the acquisition of the fraudulent credits. The bank stated that payments were only made after credits were officially certified on the DGI platform and clarified that its participation does not constitute an admission of responsibility.

Entities

Dirección General de Ingresos · Felipe Chapman · General Directorate of Revenue (DGI) · Dirección General de Ingresos (DGI) · Ministry of Economy and Finance (Panama)

Timeline

  1. 4 days ago

    [BUSINESS] 3 sources
    BAC Panamá joins criminal probe into e-Tax fraud

    BAC Panamá is voluntarily joining the ‘Operación Pandora’ criminal investigation into a $40 million tax fraud scheme involving the DGI’s e-Tax platform.

  2. 16 days ago

    [BUSINESS] 11 sources
    Panama's MEF to Replace e-Tax System After $40 Million Fraud Scheme

    Panama's MEF will replace the e‑Tax system with a secure digital platform after a $40 M fraud, freezing suspicious credits, dismissing officials, and launching audits, says Minister Felipe Chapman.

  3. 18 days ago

    [CRIME] 8 sources
    Panama DGI targeted in $40 million e‑Tax fraud scheme

    Panama court detains Adolfo Cosme Quintero for organized‑crime and money‑laundering tied to a $40 million e‑Tax fraud that siphoned state funds.

  4. about 1 month ago

    [CRIME] 4 sources
    Panama tax authority scandal triggers demand for tighter digital safeguards

    Panama’s tax authority scandal, involving $36 million in dubious credits, led the CCIA to demand tighter digital controls, audits and oversight of the e‑Tax system.

  5. about 1 month ago

    [CRIME] 2 sources
    Panama's BAC International Bank faces scrutiny over $42 million fraudulent tax credit scheme

    Panama’s banking regulator says BAC International Bank is solvent, but a DGI audit found $42 million in dubious tax credits, prompting 17 indictments and concerns over fiscal credibility.

  6. about 1 month ago

    [CRIME] 2 sources
    Panama's Operation Pandora tax fraud scheme implicates bank BAC

    Panama’s Operation Pandora tax fraud, involving $40 million in bogus e‑Tax credits, led to 13 arrests; bank BAC says it acted in good faith after buying the fraudulent credits.

Sources

destinopanama.com.pa · diaadia.com.pa · diariodelhuila.com · diarioelheraldo.cl · diariopanorama.com · eldiario.com.co · eldiariodechihuahua.mx · elnuevodia.com.co · ensegundos.do · hoy.com.do · larazon.co · larevista.com.ec · lineapolitica.com · metroecuador.com.ec · newsroompanama.com · nexpanama.com · noticiasdepanama.com · panamaamerica.com.pa · panamahoy.com.pa · rtn.com.ar · rupla.fi · tiemposur.com.ar · tvmax-9.com · tvn-2.com

This summary has been updated 3 times: see revision history