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Gold Board fraud…Police probe source of staffer’s millions

Apr 09, 2014 News

Police probing what appears to be a massive fraud scheme at the Guyana Gold Board (GGB) are said to be tracking how at least one staffer managed to amass millions of dollars in properties after just two years on the job.
The woman, a senior official, reportedly bought a piece of land in Bartica for $48M. She is currently putting up a home that could cost more than that.
Police are also reportedly looking at how she also acquired another property in the same area.
With the staffer earning $70,000 monthly, it was unclear where she raised that kind of money.
On Friday, GGB announced that it had closed that Region Seven sub-office and had invited the police to investigate the tampering of gold purchased.
Five staffers, including the accountant and manager, are said to be under the microscope.
Yesterday, the manager reportedly turned herself in.
The case is generating interest because it would have been the first time that an entire office was closed to facilitate a probe.
The scheme is said to involve hundreds of millions each month.
Kaieteur News was told that the staffers allegedly colluded with dealers to deliberately record higher purity levels than what was actually bought.
The Gold Board, in effect, ended up paying more money for gold that was of a lower quality. It is believed that the illegal windfall would be split between staffers and dealers. It is also believed that staffers from the Gold Board office in the city were involved, as a number of them were also being questioned.
The scheme reportedly unraveled after a complaint was made and the Board of Directors of the state agency ordered an investigation.

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