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Suspicious bank transactions unearthed $900M scam
As investigators continue to build their case against a Bartica gold dealer accused of masterminding
In custody: Saddiqi ‘Bobby’ Rasul
a major fraud involving hundreds of millions of dollars, it appears that the timely actions of one bank is what busted the scam.
According to officials, Citizens Bank over a week ago closed the accounts of Saddiqi ‘Bobby’ Rasul, after noticing several suspicious transactions in his accounts.
Rasul is the owner of two companies- R Mining and SSS Minerals.
Under recently enacted anti-money laundering laws, banks and other financial institutions are mandated to monitor accounts of customers for suspicious transactions. Large deposits, rapid withdrawals, and significant cash amounts could all be factors involved in generating what is known as suspicious transaction reports (str).
It appeared that Citizens Bank concluded that the transactions to Rasul’s accounts were indeed highly questionable and this spurred the decision to close the accounts.
The closure of the accounts triggered a fallout that has now landed Rasul in the lockups since Friday and he is likely to appear in court as early as tomorrow. Police can hold him for 72 hours before charges are laid. They can also request an extension of time.
A senior official of the Guyana Bank For Trade and Industry (GBTI) has been sent home by the financial institution. She too is being investigated to determine the extent of her role in the alleged fraud scheme.
The story is rocking the gold mining world as Rasul is one of the major buyers, with his main operations in Bartica, Region Seven, a main gateway to the gold bush.
Police stand guard in front of the Bartica home of Saddiqi ‘Bobby’ Rasul on Friday during a raid by investigators to the property.
According to sources, over a week ago, between March 21 and March 22, Rasul deposited several cheques drawn on his accounts at Citizens Bank to his account at the Guyana Bank For Trade and Industry (GBTI).
The cheques were not yet cleared but the GBTI branch in Bartica decided to honor $900M-plus in payments.
By the time those payments were made by GBTI, Citizens Bank had already closed Rasul’s account there.
GBTI reportedly sent home a senior official of its Bartica branch two Fridays ago. She was said to be involved in authorizing the payments. Rasul’s account at GBTI was also closed in recent days.
On Friday, Rasul was arrested at the CID headquarters after he went there with a lawyer.
Simultaneous police raids were carried out at his Prashad Nagar and Bartica homes as well as his business place in Gordon Street, Kitty.
Investigators reportedly seized documents and other items from the properties.
Another official that did business with Rasul has also been taken into custody, Crime Chief Wendell Blanhum confirmed yesterday.
A number of other persons, including employees of the gold dealer, are to be questioned, Kaieteur News was told.
Officials said that at least one other businessman has signaled intentions to file a police complaint against Rasul for allegedly issuing him with bounce cheques.
With gold the biggest foreign currency earner for Guyana, the case has been generating significant attention.
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