SOCU says it uncovers illegal cambio operations at Mohamed’s Enterprise

The Special Organised Crime Unit (SOCU) has announced that it uncovered an illegal cambio operation at Mohamed’s Enterprise located on Lombard Street, Georgetown.

SOCU said the discovery was made during a targeted joint law enforcement operation at the establishment following the receipt of “credible information”.

During the course of the operation, SOCU said officers uncovered evidence of illegal financial operations and additional materials believed to be connected to unlawful activities. All items seized are currently subject to active forensic and financial investigation.

Additionally, several individuals were taken into custody and are assisting with ongoing enquiries.

SOCU said investigations remain active and further enforcement action will be taken where the evidence so warrants. It also noted that charges are expected to be laid.

“This action forms part of an intensified national and regional security strategy aimed at disrupting organised criminal networks engaged in gold smuggling, illicit financial flows, unlicensed money exchange operations and related serious offences,” SOCU noted.

Following the imposition of sanctions on businessman Nazar Mohamed and his son Azruddin Mohamed by the United States Government in June 2024, the Bank of Guyana (BoG) had revoked cambio licence issued to Mohamed’s Enterprise.

Mohamed’s Enterprise is one of the companies fingered in gold smuggling and corruption allegations along with their owners.

Hadi’s World and Team Mohamed’s Racing Team were also sanctioned.

The US Treasury Department has alleged that Mohamed’s Enterprise evaded paying Guyana tax on gold exports, and defrauded the Guyana Government of tax revenues by under-declaring their gold exports to Guyanese authorities.

Between 2019 and 2023, Mohamed’s Enterprise is alleged to have omitted more than 10 thousand kilograms of gold from import and export declarations, and avoided paying more than US$50 million in duty taxes to the Government of Guyana, the report detailed.