High Court Judge Justice Peter Hugh on Wednesday ordered the forfeiture of $10,000,000 from businessman, Naitram Outar for his involvement in fraud, bribery, and money laundering.
The Court directed the Special Organized Crime Unit (SOCU) to forfeit the sum Outar, also known as ‘Sweetman’, of lot 242 Second Avenue Block X Diamond Housing Scheme East Bank Demerara on the basis that the currency was tainted property and the proceeds of crime.
The Court further ordered that the currency be paid into the Consolidated Fund pursuant to Section 82 of the Anti-Money Laundering and Countering the Financing of Terrorism Act, Cap. 10:11.
The circumstances surrounding the confiscation of the tainted currency are that on Monday, July 15, 2024 about 14:00, officers of SOCU along with other members of the Guyana Police Force (GPF) searched the property of the businessman for narcotics and other tainted property.
During the search, the money was found, seized, and detained by the SOCU after he could not have given a satisfactory account of same.
A money laundering investigation was immediately launched.
During the course of the investigation it was revealed that in May 2024, Outar conspired with another city businessman who was interested in purchasing two acres of land at Ogle for $50,000,000 from persons associated with the Central Housing and Planning Authority (CHPA).
Outar was tasked with “setting up the arrangement” at the sum of $40,000,000 and the remaining ten million dollars $10,000,000 was to be paid as a kickback for the transaction.
As SOCU’s investigations continue against others allegedly involved in this massive corruption scheme the Head of SOCU, Deputy Commissioner Fazil Karimbaksh is giving a stern warning to persons who are bent on trying to corrupt the system to stop this illicit activity as the long arm of the law will surely catch up with them and they will not be able to escape SOCU’s dragnet leading to them eventually being prosecuted.
The Court ruled in favour of SOCU and ordered the confiscation of the currency. SOCU was represented by Attorney-at-Law and Prosecutor Mr. David Brathwaite.
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