A former employee of Costa Rica’s state-owned Banco Nacional was found guilty Thursday of stealing $7.2 million in cash from the bank’s vaults over several years, the Public Prosecutor’s Office announced.

The Treasury Criminal Court in San José found the man, identified by the last name of Olivas-Valle, guilty of 33 counts of embezzlement, a crime against the public treasury.

Olivas, who worked as a treasurer for the bank, was sentenced to 10 years in prison for each count, for a total of 330 years.

However, under Costa Rican criminal law, a person cannot serve more than 30 years in prison for this type of crime. The sentence was therefore reduced to 30 years.

According to the court case, Olivas stole cash from the bank’s vaults over numerous years by hiding banknotes in envelopes.

Authorities documented a large number of incidents in which Olivas took cash from the bank vault and placed it in envelopes.

The investigation determined that the bank’s internal controls were clearly ineffective. Authorities also believe bank officials failed to report the missing funds on Oct. 3, 2023, the day they became aware of the problem.

The missing money was discovered after professionals from the bank’s control department reviewed its accounting records and compared them with the actual amount of cash stored in the vaults.

During the investigation, Public Prosecutor’s Office agents also traced the use of the stolen money. Prosecutors demonstrated in court that Olivas acquired high-value assets.

Investigators also found evidence that large amounts of money were spent on gambling, including the purchase of large quantities of lottery tickets.

Olivas and nine other Banco Nacional employees were arrested in November 2023.  He has remained in pretrial detention since his arrest.

The court ordered that he remain in pretrial detention until the sentence becomes final.

When the case became public, Banco Nacional issued a statement assuring customers that any loss of funds would not affect their bank accounts.

The Public Prosecutor's Office is responsible for directing criminal investigations and prosecuting criminal cases throughout the country.

--------
What should the bank do to prevent thieves from stealing money from its vaults? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com