ON Friday, April 11, 2025, Magistrate Wanda Fortune of the Friendship Magistrate’s Court found renowned fraudster, Dave Rajeshwar Persaud, also known as Dave Persaud, guilty of Obtaining by False Pretense in contravention of Section 194 of the Criminal Law (Offences) Act Chapter 8.01.

According to a press release, he was sentenced to three years imprisonment.

“The charge was instituted by the Special Organised Crime Unit (SOCU) after several reports of financial crimes and money laundering were made to SOCU.

“The nature of the charge read that between September 4-8, 2023, Persaud with intent to defraud, obtained from the complainant the sum of thirty million Guyana Dollars ($30,000,000.00) by falsely pretending that he would invest the said sum into his business ‘Dave Persaud Investment Co. and provide the complainant with fifty per cent (50%) profit, that is, fifteen million dollars within two (2) weeks period,” the release said.

It added that the circumstances leading to Persaud’s conviction revealed that at the beginning of August, 2023, he visited the complainant’s premises situate at East Bank Demerara to rent the said property.

Persaud related to the complainant that he was a businessman, who imports groceries to sell to supermarkets or shops and that he owed an auto dealership.
Persaud later induced the complainant to encourage other community members to invest in his business, called ‘Dave Persaud Investment Co. in return for 50-80% profits. None of which were true.

“In September 2023, the complainant obtained the sum of thirty million Guyana Dollars ($30,000,000.00) from her deceased husband’s life insurance policy and Persaud induced her into investing the said sum of thirty million Guyana Dollars ($30,000,000.00) into his fictitious business in return for a 50% profit, that is, $15,000,000 (fifteen million Guyana dollars) profit within two (2) weeks.

“After two weeks passed the complainant questioned Persaud about her returns on her investment but she never recovered the invested sum of thirty million Guyanese Dollars ($30,000,000.00) into Persaud’s Ponzi Scheme,” the release said.

Further, it added that according to the SOCU head Deputy Commissioner Fazil Karimbaksh, during the period September 2023-April 2024, efforts were made by SOCU to locate and apprehend Persaud on charges associated with money laundering and other serious financial offences committed within Guyana.

Persaud, however, during this period, had fled the jurisdiction to neighbouring Brazil and a wanted bulletin was issued for his arrest by SOCU and he was later apprehended and charged.

In June 2024, he was charged with the offence of Obtaining by False Pretense in contravention of Section 194 of the Criminal Law (Offences) Act Chapter 8.01 and was remanded to prison.

The release said that Magistrate Fortune found that all the elements for the offence of Obtaining by False Pretense were properly established, and Persaud was found guilty and sentenced to three years imprisonment.

The matter was prosecuted by Prosecutor(s) Aaron Daniels and Neville Jeffers of the Special Organised Crime Unit.