The Special Organised Crime Unit (SOCU) earlier today instituted 268 counts of Money Laundering and conspiracy to launder charges against three members of a Herstelling East Bank Demerara (EBD) 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 Somerset Court, Herstelling, EBD. Kenneth Ramnarine and Yevette Saroop are reputed husband and wife while Damian Ramnarine is the son of Kenneth.
Kenneth and Damian Ramnarine are charged jointly while Yvette Saroop who was alleged to have conspired with them was charged separately.
Kenneth Ramnarine appeared before Chief Magistrate Ann McLennan at the Georgetown Magistrate’s Court and was not required to plea to 41 indictable charges of money laundering.
On the other hand, Damian Ramnarine did not appear in court but his attorney undertook to surrender him soon to SOCU.
SOCU in court documents stated 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.
However, Yevette Naline Saroop appeared at the Diamond/Grove Magistrates Court before Magistrate Sunil Scare where she was not required to plea to the indictable charges and was remanded to prison until tomorrow when it is expected that more charges will be read against her.
SOCU stated that she conspired with Kenneth and Damian Ramnarine to convert or transferred 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.
In addition, Kenneth Ramnarine appeared before the same Magistrate where another 93 charges were read against him. He too was remanded to prison until tomorrow when more charges of a similar nature will be read to him.
According to information received, SOCU would have received reports that the trio conducted multiple suspicious transactions at several financial institutions in Guyana, raising concerns that they may be involved in money laundering activities.
During the investigation, it was revealed that a large number of unsubstantiated cash deposits were made via Kenneth Ramnarine’s business accounts of Ken’s Trading Enterprise.
The sources of funds declarations submitted, to several commercial banks show that the majority of the deposits are attributed to sales proceeds from biodegradable food boxes sold to local businesses, in particular Chinese restaurants.
SOCU stated that a substantial number of wire transfers, amounting to over $3.7 billion were sent to 22 companies in China under the pretext of importing raw materials to produce bio-degradable products, while other sums were disguised locally totaling over $4.1 billion.
“Investigators did not find any legitimate source of these funds which the accused wire transferred out of Guyana. The actions of the accused 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,” SOCU stated.
As a result, SOCU conducted several covert and overt investigations and operations over the period monitoring the suspects and their lifestyles until enough evidence was collected beyond a reasonable doubt. Then they were eventually charged
SOCU confirmed that the suspects attempted to flee the jurisdiction for United States (US) on Wednesday when they were arrested at CJIA.
