Toledo Teachers Credit Union Confirms Fraud Incidents

The Toledo Teachers Credit Union Ltd. (TTCU) has confirmed that fraudulent activities were recently discovered at its Bella Vista Branch.

An internal and external investigation has been launched.

In a statement issued for immediate release, TTCU assured its members, stakeholders, and the wider community that safeguarding financial security remains its highest priority.

Upon detecting the fraud through internal control systems, TTCU launched an internal investigation and enlisted the assistance of law enforcement and external experts. The credit union confirmed that the incident has been contained and all necessary steps have been taken to protect members’ accounts and personal information.

The Central Bank of Belize has been notified and is being kept informed of recovery efforts.

TTCU said that a comprehensive audit has been completed, all affected members have been contacted and their accounts resolved, and employees suspected of involvement have been terminated.

It added that extra security measures have also been implemented to prevent future occurrences.

Members are being urged to monitor their accounts closely and report any suspicious activity. To aid in this process, TTCU is offering free account statements for verification purposes.

The union also addressed public speculation, stating that despite recent events, it is not in “deep trouble” as suggested by some media reports.

News Five understands that the fraud amounts to more than six hundred thousand dollars. We are told that employees of the credit union made loans on behalf of shareholders without their knowledge. The employees then pocketed the money.

Additionally, TTCU clarified that it was unable to hold its Annual General Meeting (AGM) on May 31, 2025, due to scheduling conflicts, marking the second consecutive time an AGM could not be held due to lack of quorum. The union acknowledged the concern but said that the issue was beyond its control.