Morocco’s Central Bank Chief Urges Investigation into Bab Darna Real Estate Scam

The victims of the real estate scam, which is making headlines in Morocco at the end of the year, number more than 200 people, including Moroccans living abroad. At the last Council of the year of BAM, Abdellatif Jouahri focused on the case, especially on the reporting of payment problems to BAM. He explained that the Central Cheque Payment Incidents (CIP), under the Central Bank, is recording numerous requests, specifies Hespress.

But the Wali of BAM indicated that he "did not receive any feedback from the banks concerned about this case". This is quite strange given the nature of this case, especially since there is a decrease in requests for information by banks.

Nevertheless, he explained that his institution has recorded hundreds of payment incidents against El Ouardi and Bab Darna. "People have had payment incidents against him, or against the group’s subsidiaries," he stressed. He also indicated that the banks’ exposure in this case amounts to 80 million dirhams.

But where have the hundreds of millions of dirhams defrauded gone? For Jouahri, it is up to the justice system to conduct investigations to establish what really happened, to find out which tax haven the money may have flown to. Better, he invites the ministry to set up a legal framework that can better manage this kind of incident, indicates the same source.