-wanted bulletin to be issued for GBTI Manager

POPULAR Gold Dealer, Saddiqi ‘Bobby’ Rasul, appeared at the Georgetown Magistrate’s Court on Monday, charged with six counts of obtaining money by false pretence.

Rasul, who owns SSS Minerals Trading Enterprise, appeared before Chief Magistrate, Ann McLennan and pleaded not guilty to the charges, which alleged that he is involved in a $956M fraud at the Guyana Bank for Trade and Industries (GBTI).

Magistrate McLennan ruled against the objections of the Prosecutor and released the 34-year-old businessman on $3M bail. The charges alleged that between March 21 and 22, 2017 at Bartica, with intent to defraud, he obtained the sum of $290M, $298M, $138M, $45M, $89M and $96M from the Guyana Bank for Trade and Industry (GBTI) by falsely pretending he had cash in his account at Citizens Bank to honour the cheques he encashed.

His lawyer, Sandil Kissoon explained to the court that his client is being criminalized for the negligence of GBTI, which decided to pay the money without verifying the standard balance of Rasul’s Citizen’s Bank account.

In Kissoon’s application for bail, he explained that his client does not pose a flight risk since he is a prominent businessman in Bartica, who owns several dredges, mining claims and lots.

Police Prosecutor, Alvin Moore strongly opposed bail, on the ground that the accused is under investigation for similar offences. According to the Prosecutor, police will soon issue a wanted bulletin for a female Manager at GBTI. Prosecutor Moore said that the Manager did not follow protocols laid out by the bank when paying out the monies.

Bail was granted and the case was transferred to the Bartica Magistrate’s Court for April 21, 2017.

According to officials, Citizens Bank over two weeks ago closed the accounts of Rasul, after noticing several suspicious transactions in his accounts. At the GBTI’s Bartica branch, cheques drawn on Citizens Bank and totalling over $900M were deposited to Rasul’s accounts.

It is protocol that banks would normally hold other banks’ cheques until they are cleared, before making payments against them. However, it appears as though this procedure was not followed by GBTI officials.