Almost three years of investigations by the Special Organized Crime Unit (SOCU) came to an end this week when a Herstelling, East Bank Demerara (EBD) businessman and his reputed wife were charged for allegedly laundering billions and transferring large sums to 22 companies in China.
Their son who did not appear in court with his parents was later surrendered to SOCU by his attorney and also faced joint money laundering charges.
Charged on Wednesday were Kenneth Ramnarine, a taxi driver, his reputed wife, Yevette Saroop, and son Damian Ramnarine, a salesman, all of Lot 274 Somerset Court, Herstelling, EBD. SOCU laid a total of 268 charges of money laundering and conspiracy to launder over $4.1 billion against the family.
Kenneth and Damian Ramnarine were charged jointly, while Yvette Saroop, who was alleged to have conspired with them, was charged separately. Kenneth Ramnarine appeared at the George-town Magistrates Court on Wednesday before Chief Magistrate Ann McLennan where he was not required to plead to 41 indictable money laundering charges. His son was not present in the court at the time.
The joint Money Laun-dering charges against them were laid under Section 3 (1) (a) of the Anti-Money Laundering and Countering the Financ-ing of Terrorism Act Chapter 10:11. 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 represented 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 06.
The 134 Money Laundering charges against Saroop were laid under 3 (1) (d) of the aforementioned act. She appeared on Wednesday at the Diamond/Grove Magistrates Court before Magistrate Sunil Scarce, where she was not required to plead to the indictable charges. A summary of all the charges read that she conspired with Kenneth and Damian 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.
Saroop was remanded to prison until March 6 and she is to reappear in court on March 17 for disclosure.
At the same court, Kenneth appeared before the same Magistrate to answer another 93 counts of money laundering charges for transporting large sums of monies through banks at Diamond, East Bank Area. The charges were laid under the same section, and he was not required to plead. He was remanded and was slated to answer more charges of a similar nature at the Diamond Magistrate’s Court yesterday.
The son, Damien, was yesterday remanded to prison after facing 134 joint fraud charges committed during the years 2018 to 2021.
Meanwhile, the family’s lawyer, Bernard Da Silva, in the Diamond Magistrate’s Court yesterday pleaded with Magistrate Sunil Scarce to reconsider bail for Kenneth due to his health condition as he suffers with diabetes and hypertension. DaSilva added that the businessman would go overseas for checkups for his condition. However, the Magistrate sided with the prosecutor who said that in relation to the man’s medical condition, there are adequate facilities at the prison to care for such illnesses. However, if need be, the person can be escorted to other medical facilities in Guyana for these circumstances.
Based on the prosecutor’s arguments, the magistrate rejected the application for bail.
Bail was also denied for all three of the defendants based on the prosecutor’s contention that their apprehension was a result of the names of two of them being blacklisted since Kenneth had stopped reporting to SOCU headquarters. Despite checks at his home and business place being made along with phone calls to his cell phones, they were unable to contact him. The prosecutor added that the defendants should not be granted bail based on the seriousness and prevalence of the offences and the fact that large sums of money were transported through the banks.
Questions were also raised by Da Silva as to a wanted bulletin not being issued for the defendants by SOCU. But the Court overruled that and instead emphasised the seriousness of the offences and the significant amount of money that was laundered. In his attempt to gain bail for the son, Damien, the attorney pointed out that he had surrendered him and as such was not a flight risk. The magistrate however also denied that application.
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 disclosed that his suspicions were based primarily on the large number of unsubstantiated cash deposits made via Kenneth’s business accounts of Ken’s Trading Enterprise. Furthermore, the Sources of Funds declarations were submitted to several commercial banks which showed that most of the deposits are attributed to sales proceeds from biodegradable food boxes sold to local businesses, particularly Chinese restaurants.
Karimbaksh said that a substantial number of wire transfers, amounting to over $3.7 billion were sent to twenty-two companies in China under the pretext of importing raw materials to produce bio-degradable products, while other sums were disguised locally, overall, totalling over $4.1 billion.
He related that his investigators were unable to find any legitimate source of these funds, which the accused wire transferred out of Guyana. The accused’s actions, he noted, 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 comprised of several senior officers then contacted several prominent businesses in Georgetown during the course of the investigations that commenced in August 2020, whom the accused listed on their Sources of Funds declaration forms, and these businesses vehemently denied doing such large transactions with them.
This prompted SOCU to conduct several covert and overt investigations and operations, as well as monitor the suspects and their lifestyles until enough evidence was collected beyond a reasonable doubt to have them arrested and charged.
Two of the suspects attempted to flee the jurisdiction for the United States on Tuesday when they were arrested at CJIA.
