Bank of Algeria opens investigation into sale of fictitious property by an Algiers-based foreign Bank

The Bank of Algeria has opened an in-depth investigation into reported drifts by a foreign bank in the sale of fictitious property to Algerian Nationals in exchange for large sums of money.

•  The targeted foreign bank, which has been established recently in Sidi Yahia district in upper Algiers, is said to have enjoined its clients to open a bank account worth 300 million centimes to be able to vie for the purchase of a new housing unit.
• This practise which is the first of its kind in banking operations in Algeria has been widely denounced as a blatant “rip – off” by the customers who alerted the authorities concerned to inquire into the issue.
• An investigation is underway to unravel the intricacies of the affair.