RIO RANCHO, N.M. (KRQE) – Police say an employee at Double R Realty embezzled hundreds of thousands of dollars over the past few years from homeowners associations, businesses and people. Investigators served a search warrant at the company Friday, seizing boxes and boxes of evidence.
Double R Realty offers all kinds of real estate services, including residential and commercial association management.
Police say earlier this week, someone walked into their office with a tip an employee has been embezzling money. Police investigated and say it appears money coming in would be transferred to different accounts; they think hundreds of thousands of dollars were stolen over a five year time span.
One shop owner in the same plaza says he realized something was up two days ago when he received a letter, telling him to pay rent for the month to a different company.
“I thought it was a lie, I thought it was probably someone trying to get us to pay our checks to them, because we’ve always paid to Double R,” Kyle Kamm, told KRQE News 13.
Police say the embezzlement case possibly impacts at least nine homeowner associations and three commercial associations.
Police carried out boxes, filing cabinets and computers from Double R Friday, filling two trailers with evidence. They say it’s going to take a long time to figure out how far-reaching the case is.
“This is probably going to take a couple months to analyze paperwork and the software that the computers hold to document and track associations’ fees and the money they bring in,” Lt. John Ross with Rio Rancho Police Department said.
Police aren’t naming the employee, but that they believe one is involved. They say charges are forthcoming.