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$257M bank fraud uncovered

Jan 27, 2009 News

– probe leads to several Canadian banks

 

Ranks from the Criminal Investigations Department Fraud Squad have launched a probe into an alleged fraud at the Republic Bank (Guyana) Limited, involving hundreds of millions of dollars.

Kaieteur News understands that the probe has led investigators to several banks in Canada.

The fraud was reportedly uncovered last year November, but was kept under wraps to protect the integrity of the bank.

Crime Chief Seelall Persaud told this newspaper yesterday that his department was asked to investigate the matter; and after following several leads, local sleuths have been seeking the assistance of their counterparts in the Royal Canadian Mounted Police.

According to a source, the money was allegedly taken from several accounts, including one operated by the Guyana Public Service Cooperative Credit Union.

Investigators are probing leads that a person or persons transferred the money to several bank accounts in Canada.

When contacted, an official at the bank told this newspaper that the organization was not in a position to comment on the matter, since it is the focus of an ongoing investigation.

“As soon as we can comment on it, we will,” the official assured.

A senior official at the GPSU Credit Union informed Kaieteur News that he is still awaiting word on the progress of the investigation.

He assured that the situation will not affect the operations of the credit union, since the records reflect money in the credit union’s account.

“We are in the business of lending money, and the bank is still honouring our cheques,” the credit union official stated.

Police have questioned several staff members of the bank, but so far no arrests have been made.

There have been several reported cases of massive fraud at banks in Guyana in recent years.

Last year, a customer of the Bank of Nova Scotia had alleged that several million dollars were missing from his account.

Two years ago, the Republic Bank uncovered a racket involving the theft of cash from one of its automatic teller machines located in the city.

Several employees who were working in the Treasury Department of the bank were sent home.

In addition, several senior officials from the New Building Society are before the court, charged with fraud amounting to millions of dollars.

 

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