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$900M bank fraud… Homes, businesses raided as police take Bartica gold dealer into custody
An armed policeman stands guard at the
Bartica residence of the gold dealer
Investigators yesterday took a prominent Bartica gold dealer into custody, hours after a commercial bank filed a complaint of fraud at the police headquarters, Eve Leary.
Several simultaneous raids were later reportedly carried out at a number of premises owned by the businessman, Saddiqi ‘Bobby’ Rasul.
Rasul is being investigated for allegedly collecting more than $900M at the Bartica, Region Seven branch of the Guyana Bank for Trade and Industry (GBTI) based on a number of cheques he deposited. The cheques reportedly later bounced.
Kaieteur News was told that early yesterday morning, GBTI officials contacted investigators of the Criminal Investigations Department (CID) of Eve Leary and a complaint was later filed.
The gold dealer, around midday, went to Eve Leary, and was taken into custody.
Crime Chief Wendell Blanhum confirmed last evening that Rasul was taken into custody and is being held. He declined to give details, saying that the matter was a sensitive one and is still being investigated.
However, well-placed sources said that police raided the Gordon Street, Kitty business place of Rasul, as well as his Prashad Nagar and Bartica homes. It is unclear whether the police took away anything. Heavily-armed police were seen in front of the Bartica location.
Gold dealer, Saddiqi ‘Bobby’ Rasul
Rasul had been one of the major gold buyers for a number of dealers before he branched off on his own.
With regards to the allegations against him, officials disclosed Thursday that the issue came to a head more than a week ago.
At the GBTI’s Bartica branch, cheques drawn on Citizens Bank and totalling over $900M were deposited to the accounts of Rasul.
To protect themselves from fraud, banks would normally hold other banks’ cheques until they are cleared before making payments against them. In this case, it appears that the GBTI officials did not follow protocols.
More than $900M was paid out. The Citizens Bank cheques later bounced.
A senior official was sent home by GBTI last week Friday.
Last week also, Citizens Bank reportedly closed Rasul’s accounts after noticing a number of suspicious transactions. GBTI also did the same this week.
Officials of GBTI declined to comment on the issue yesterday.
Investigators have up to 72 hours to hold a suspect before laying charges or setting the person free.
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