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Guyanese woman pleads guilty to $1.7M decade-long bank fraud in New York

Jul 04, 2021 News

Kaieteur News – According to a press release by the Department of Justice, U.S. Attorney’s Office for the Southern District of New York, Gangadai Rampersaud Azim pled guilty on June 28 to a more than decade-long conspiracy to commit bank fraud.
According to the information reviewed by this publication, between August 2008 and January 2021, Azim, a long-time employee of a New York-based bank (“Bank-1”), stole approximately $1.7 million from her employer. While working at a Manhattan Bank, Azim executed hundreds of wire transfers of Bank-1 funds to co-conspirators and related companies, who then sent portions of the ill-gotten funds to Azim’s personal bank account. Azim repeatedly made false entries in Bank-1’s systems, misappropriating funds paid to Bank-1 by its clients to satisfy outstanding loan obligations and then extending the maturity dates of those loan obligations, making it appear as though the loan obligations had not yet been paid.
When even the fraudulently extended maturity dates came due, she originated new, fraudulent loans to help conceal the scheme and then utilised the proceeds of those fraudulent loans to satisfy the loans for which she had previously stolen the client payments. Over the course of the approximately 12 years, Azim caused approximately 200 improper wire transfers of Bank-1’s funds, each for an amount under $10,000, to be sent to third party accounts, including those of co-conspirators and related companies, who then returned portions of those funds to her. In doing so, she abused her position at Bank-1 and enriched herself at the expense of her employer. Azim, 58, of Richmond Hill, New York, pled guilty to one count of conspiring to commit bank fraud, in violation of 18 U.S.C. §1349, which carries a maximum sentence of 30 years in prison and is scheduled to be sentenced by Judge Failla on October 19, 2021, at 3:30 p.m.

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