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Apr 04, 2017 Court Stories, Features / Columnists, News
Contending that his client is being penalized for negligence on part of the Guyana Bank for Trade
and Industry (GBTI), Attorney Sandil Kissoon secured bail for his client Saddiqi Rafeek Mohamed Rasul, who has been charged over an alleged $956M fraud at the bank.
Mohamed, 34, who is said to be one of the largest gold dealers in Guyana, and the owner of SSS Minerals Trading Enterprise, was released on a total of $3M bail after pleading not guilty to six counts of obtaining money by false pretence. He appeared yesterday before Chief Magistrate Ann McLennan in the Georgetown Magistrates’ Courts and was given $500,000 bail on each charge.
It is alleged that between March 21 and 22, last, at Bartica, with intent to defraud, he obtained sums of $290M, $298M, $138M, $45M, $89M and $96M from the Guyana Bank for Trade and Industry, by falsely pretending he had cash in his account at Citizens Bank to honour the Citizens Bank cheques he had presented.
According to reports, at the GBTI branch in Bartica, cheques were drawn on Citizens Bank and the aforementioned money was deposited to Rasul’s account. It is protocol that banks would normally place a three-day hold on other bank’s cheques until they are cleared, before paying out monies.
But it seems as though this protocol was not followed by officials at GBTI.
A female senior manager at GBTI has since been sent home after it was discovered that she had authorized the payments.
According to Attorney Kissoon, upon receiving payments from the Guyana Gold Board, his client would deposit the monies into his business account at Citizens Bank. He said that transfers are then made by his client to his personal account at GBTI, on the basis of which cheques are issued.
He said that Citizens Bank closed Rasul’s account during March and prior to a notice of closure being sent to him, cheques had already been issued on this same account at GBTI.
Police Prosecutor Arwyn Moore disclosed that the bank manager who dealt with the transactions made by the defendant did not follow protocols set out by the bank. Prosecutor Moore said that a wanted bulletin will be issued shortly for her.
“There is no criminal conduct or intent on part of the defendant. At all material times there were a series of transactions,” Attorney Kissoon argued, stating that Rasul is being criminalized for the negligence of the bank. The lawyer contended that the bank paid out the cheques without verifying that there were sufficient funds in his client’s business account.
The police prosecutor opposed bail for the defendant citing that he is still under investigation by the police for similar offences. Prosecutor Moore also pointed out that there is a likelihood the defendant may tamper with witnesses in the matter.
In response, Attorney Kissoon stressed that his client should be admitted to bail because the police file in the matter is still incomplete. The lawyer said that Rasul is a prominent businessman, who is the owner of several dredges, mining claims and lots. According to Kissoon, the gold dealer has no pending matters or previous convictions.
In addition to being a gold miner, Kissoon added that his client is licensed to purchase and export gold.
The court was told that the gold dealer started business in July of last year. It was divulged by the attorney that prior to Rasul being charged, he had been in discussions with GBTI on a civil resolution of the matter.
Chief Magistrate Ann McLennan ordered Rasul to lodge his passport and report to the Criminal Investigation Department (CID) Headquarters, Eve Leary. These matters were transferred to the Bartica Magistrate’s Court for April 21.
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