Latest update November 23rd, 2024 1:00 AM
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Money laundering investigations…Rasul’s transactions reveal he struck a rich gold vein at Gold Board
A mining company under scrutiny for questionable transactions with the Guyana Gold Board (GGB) sometimes visited the offices as many as seven times a day.
Gold dealer: Saddiqi ‘Bobby’ Rasul
Those multiple visits should have raised immediate suspicions because they indicated that R. Mining Inc. was supposedly washing down at its mining operations several times a day.
However, the reality is much different.
It is logistically impossible to produce that much gold from the operations of R Mining and have it brought before closing time to Bartica and to the Brickdam office of GGB, insiders say. Yet, R Mining managed the amounts over a three-month period- September to November, 2016 without any attention raised.
There is no other company that can do that much gold daily except for the two large scale ones.
R Mining is related to embattled licensed gold dealer, Saddiqui ‘Bobby’ Rasul, who was last week slapped with several charges relating to an alleged $950M fraud at the Bartica branch of the Guyana Bank For Trade and Industry (GBTI). He is on $3M bail.
At least three banks have closed his accounts and he and his companies are now under investigations by the Special Organised Crime Unit (SOCU) for suspected money laundering activities and for a determination whether there was any collusion at GGB with regards to his transactions.
The Ministry of Natural Resources has also reportedly mandated the new board of directors of the GGB to investigate.
According to details of transactions seen by Kaieteur News of Rasul’s activities, he conducted his business with GGB using at least two companies- R Mining Inc. and SSS Minerals Trading Enterprises.
The latter is licensed to buy gold from miners and sell to the gold board.
However, the bulk of the gold sold came through R Mining, a company that was supposed to be engaged in mining activities.
Using R Mining, Rasul benefitted from not paying, over those three months under review, almost $100M in taxes.
It is believed that declarations by R Mining were deliberately structured so as to avoid the mandatory two percent taxes that normal, small miners have to pay. Mining companies are not obliged to pay the two percent upfront when they are declaring.
Officials are convinced that the anomalies or red flags were there in plain sight and should have been picked up by watchful officials of the GGB and the Guyana Geology and Mines Commission.
Officials at that location are quite familiar with what to look for when it comes to suspicious transactions.
During the period, Rasul’s companies sold GGB some 31,790 ounces, collecting over $7.67B in payments. R Mining alone conducted the bulk of the transactions, amounting to $4.7B.
It was not unusual for Rasul’s employees to turn at GGB’s office, conducting between five and six transactions daily for R. Mining, GGB insiders say.
The visits were reportedly made at the Brickdam office of GGB as well as at the Bartica branch, Region Seven.
Rasul was reportedly arrested more than week ago after cheques he deposited at the Bartica branch of GBTI bounced. By then, he had collected more than $950M. His staffers and others reportedly cashed the cheques.
GBTI, facing such a major fraud, reported the matter to the police and Rasul was arrested and later charged.
The female bank manager who allegedly facilitated the transactions has also been detained and could face charges once investigations against her are completed by police.
Rasul’s activities are not only under scrutiny here, but reportedly by the US authorities.
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