-SOCU says he was attempting to flee country
An East Bank Demerara businessman who was intercepted by the Special Organized Crime Unit (SOCU) at the Cheddi Jagan International Airport, Timehri on Tuesday was yesterday slapped with 41 fraud charges amounting to millions in Guyana dollars allegedly committed during the years 2018 to 2021.
The defendant, 50-year-old Kenneth Ramnaraine of Somerset Court, Herstelling, East Bank Demerara, and owner of BioSolutions Guyana, made his appearance before Chief Magistrate Ann McLennan at the Georgetown Magistrate’s Court where he was not required to plead to any of the 41 charges.
It is alleged that during the year 2018, and in the months of July, August, September, October, November and December, he transferred large sums of money ranging from US$12,000 to US$115,550 through Citizens Bank at their Camp Street, Georgetown branch and Scotiabank at their Carmichael Street, Georgetown branch while knowingly or having reason to believe that the monies were the proceeds of crime and with the aim of concealing or disguising their illicit origin.
Moreover, during the year 2019 and in the months of January, March, April, May, June, July, August, September and November, he did the same with large sums of money ranging from US$1,500 to US$118,955.20 through the same two banks.
It was further alleged that Ramnaraine on July 20, 2021 at Scotiabank on Carmichael Street, transferred US$114,400 knowingly or having reason to believe that the monies were the proceeds of crime and with the aim of concealing or disguising their illicit origin.
During the court proceedings yesterday afternoon, SOCU prosecutor, Ravindra Mohabir, objected to bail being granted to the defendant on the grounds that Ramnaraine was attempting to flee the country when he and his wife were intercepted on Tuesday at the CJIA just as they were about to board a plane to the United States.
The prosecutor said that the apprehension was a result of the two persons’ names being blacklisted since Ramnaraine had stopped reporting to SOCU headquarters. When checks at his home and business place were made along with phone calls to his cell phones, they were unable to contact him.
Mohabir added that although the defendant’s and his wife’s passports were taken from them and lodged, it is not difficult for them to flee to another country due to the porous borders. The prosecutor also contended that the defendant should not be granted bail based on the seriousness and prevalence of the offences and due to the large sum of monies that he transported through the banks. Also mentioned was the fact that Ramnaraine and his wife were also charged yesterday with similar offences at the Grove/Diamond Magistrate’s Court where they were placed on remand. They are expected to return today to the East Bank court to answer to additional fraud charges.
In response to the prosecution’s argument, the defendant’s attorney, Bernard DaSilva, who had made a bail application, argued that his client has no prior antecedents and was not a flight risk due to the fact that SOCU had apprehended him at the CJIA and taken possession of his passport.
He added that during the initial stage of the investigation which was launched by SOCU since 2018, his client was placed on $500,000 station bail and was ordered to report to the unit’s headquarters once every month. However, according to Da Silva, later on his client was then told by a SOCU officer who he identified as “Stanley” that he no longer has to report and that SOCU will contact him when the investigation is complete.
And with regard to his client’s name being on a blacklist, the defence argued that at no point in time did SOCU issue a wanted bulletin for Ramnaraine.
After listening to both the prosecution’s and defence’s arguments, Chief Magistrate McLennan made the decision to remand Ramnaraine. The matter was then adjourned until March 6 when disclosure of statements is expected to be made.
Ramnaraine is one of two men who were to be charged with over 50 fraud charges but according to the SOCU prosecutor, the other defendant whom he identified as Dameion Ramnaraine, is on the run. He informed that the second defendant was also reporting to SOCU during the initial stage of the investigation but suddenly stopped and since then efforts to locate him have proven futile.
BioSolutions advertises food containers made from bagasse.
SOCU today issued the following statement
Trio charged by SOCU with 268 counts of Money Laundering and Conspiracy to Launder more than $4.1B
— after three years of covert and overt investigation
The Special Organised Crime Unit (SOCU), on Wednesday February 8, 2023, laid two hundred and sixty-eight (268) charges of Money Laundering and conspiracy to launder over $4.1B against a Herstelling, East Bank Demerara family after close to three years of investigation.
Charged are Kenneth Kellawan Ramnarine, a taxi driver, Damian Brandon Ramnarine, a salesman and Yevette Nalini Saroop, a businesswoman, all of Lot 274 Somerset Court, Herstelling, East Bank Demerara. Kenneth Ramnarine and Yevette Saroop are reputed husband and wife, while Damian Ramnarine is Kenneth’s son.
Kenneth and Damian Ramnarine are charged jointly, while Yvette Saroop, who was alleged to have conspired with them, was charged separately. At Georgetown Magistrates Court, Kenneth Ramnarine appeared before Chief Magistrate Ann McLennan, where he was not required to plea to 41 indictable money laundering charges. Damian Ramnarine did not appear in court, but his attorney undertook to surrender him soon to SOCU.
The joint Money Laundering charges against them were laid in contravention of 3 (1) (a) of the Anti Money Laundering and Countering the Financing of Terrorism Act Chapter 10:11 contrary to section 3 (6) (a) (ii) of the said act. A summary of all the charges read that they knowingly or having reasonable grounds to believe that the cash in question, whether in whole or in part directly or indirectly represents proceeds of crime, converted or transferred the cash in question knowing or having reasons to believe that the said cash is the proceeds of crime with the aim of concealing or disguising the illicit origin. Kenneth Ramnarine was remanded until March 6, 2023.
The 134 Money Laundering charges against Yevette Naline Saroop were laid in contravention of 3 (1) (d) of the said act. She appeared on Wednesday at the Diamond/Grove Magistrates Court before Magistrate Sunil Scarce, where she was not required to plea to the indictable charges.
She was also remanded to prison. A summary of all the charges read that she conspired with Kenneth and Damian Ramnarine to convert or transfer the cash in question, knowing or having reasonable grounds to believe that the cash in whole or in part directly or indirectly represents proceeds of crime, with the aim of concealing or disguising the illicit origin. She was remanded to prison, and further charges are slated to be read today (Thursday).
At the said court, Kenneth Ramnarine appeared before the same Magistrate to answer another 93 Counts of Money Laundering Charges. The charges were laid under the same section, and he was not required to plea. He was remanded and is slated to answer more charges of a similar nature today.
According to the Head of SOCU, Assistant Commissioner Fazil Karimbaksh, reports reaching his Unit indicated that the trio conducted multiple suspicious transactions at several financial institutions in Guyana, raising concerns that they may be involved in money laundering activities. He based these suspicions primarily on the large number of unsubstantiated cash deposits made via Kenneth Ramnarine’s business accounts of Ken’s Trading Enterprise.
The sources of funds declarations submitted to several commercial banks show that most of the deposits are attributed to sales proceeds from biodegradable food boxes sold to local businesses, particularly Chinese restaurants.
The Head of SOCU claimed that a substantial number of wire transfers, amounting to over $3.7 Billion (Guyana currency) were sent to twenty-two (22) companies in China under the pretext of importing raw materials to produce bio-degradable products, while other sums were disguised locally totalling over $4.1 Billion dollars.
Mr Karimbaksh said his investigators did not find any legitimate source of these funds, which the accused wire transferred out of Guyana. The accused’s actions suggested that they may be operating as nominees for some Chinese businesses and also facilitating tax evasion through Ken’s Trading Enterprise. His team of investigators, which comprised several senior officers, contacted several prominent businesses in Georgetown during the course of the investigations, which commenced in August 2020, whom the accused listed on their source of fund declaration forms, and these businesses vehemently denied doing such large transactions with them.
As a result, the Special Organised Crime Unit conducted several covert and overt investigations and operations, monitoring the suspects and their lifestyles until enough evidence was collected beyond a reasonable doubt. Then they were eventually charged.
Mr Karimbaksh said the suspects attempted to flee the jurisdiction for the United States on Tuesday when they were arrested at CJIA.
