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GRA drops $191B tax bomb on Mohameds
…accuses gold dealers of massive under-reporting in gold sales, income
(Kaieteur News) – The Guyana Revenue Authority (GRA) has accused gold dealers Nazar “Shell” Mohamed and his son, Azruddin Mohamed, of Mohamed’s Enterprise, of massive underreporting of income between 2019 and 2023, resulting in billions of dollars in unpaid taxes.
Nazar “Shell” Mohamed and Azruddin Mohamed
Azruddin, who leads the We Invest in Nationhood (WIN) Party, is already before the magistrates’ court facing a multimillion-dollar tax evasion charge. That case, brought by the GRA, stems from alleged false declarations and underreporting of the purchase price of a luxury vehicle imported in 2020.
In a fresh move, a letter dated October 2, 2025, addressed to Nazar and Azruddin Mohamed, states that GRA is seeking billions in taxes from Mohamed’s Enterprise. The demand arises from $34 billion in understated income declarations for the period 2019 to 2023.
According to GRA, its review of the company’s filings showed that over $34 billion in income taxes were understated. With accumulated interest and penalties, the total sum now owed to the state stands at more than $191 billion. “The revenue authority has conducted a review of the income and property tax returns submitted in relation to the above years of assessment. This review, together with additional information received from other tax and financial agencies, have revealed that you failed to submit true and correct returns for the said years of assessment 2020 to 2024 (years of income 2019 to 2023),” the authority said in the letter.
GRA reminded the businessmen that submitting untrue and incorrect tax returns is an offence under Section 110 of the Income Tax Act. It said the false declarations directly affected the liability to income tax that should have been paid. “Accordingly, as a result of the untrue declarations made, income tax in the sum of $34,067,322,989 were understated for the said period 2019–2023,” it was stated.
Further, the authority explained that the understated taxes attract interest and penalties in keeping with the financial administration and audit act and the Income Tax Act. “An accumulated sum of $191,171,975,676 as per the attached computations, is due, owing and payable to the revenue authority by Nazar and Azruddin Mohamed, trading as Mohamed’s Enterprise. For ease of reference, kindly be guided by the attached document, which shows a detailed breakdown of the taxes due, owing and payable,” GRA said.
The tax body has given the Mohameds an opportunity to respond to the outstanding tax liability and to show cause why proceedings should not be instituted against them.
“Please note, if you fail to respond with legal justification/s within 14 days of service of this letter, the revenue authority may be forced to take necessary actions against you, without further notice, for the act committed and to have the taxes payable recovered, in accordance with the laws administered,” GRA warned.
Additionally, GRA also disclosed that it is investigating Mohamed’s Enterprise prior years of income. Once the investigation is complete, the businessmen will be notified of the findings and given a reasonable time to respond.
On Monday, the father-son duo was indicted in a United States federal court in Miami, Florida on 11 charges of wire and mail fraud, conspiracy to commit money laundering and the importation of a Lamborghini luxury car- all stemming from accusations of massive tax fraud committed against Guyana.
The indictment, unsealed on October 2, 2025, accuses the Mohameds of orchestrating an elaborate fraud and money-laundering scheme involving gold exports, customs fraud, bribery, and the evasion of millions in taxes and royalties owed to Guyana.
The indictment seen by this newspaper charges that Mohamed’s Enterprise, the Guyana-based gold wholesaling and export company controlled 90 per cent by Nazar and 10 per cent by Azruddin, is alleged to have sold gold to buyers in Miami and Dubai, while circumventing Guyana’s revenue and regulatory system.
In June 2024, Nazar, Azruddin and their businesses were sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The Mohameds were sanctioned for alleged gold smuggling. Azruddin earlier this year launched WIN, and contested the 2025 General and Regional Elections that were held in September. His party accumulated the second-highest votes, earning 16 seats in the National Assembly which is expected to convene soon.
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GRA just did a review of tax returns, based on the US indictments a few days ago, for the years 2019-2023 (5 years). What took them so long ? Oh, they
were waiting…. they only do 5 years review for certain people instead of
yearly AUDIT of tax returns for ALL. They also haven’t said anything about
that GoG PS official, a woman who was helping the Mohameds for FREE ?
She probably fared well. One hand washes the other hand ? Reportedly,
she is a PPP member of good standing ?