Men Arrested in $26 Million Bogus Cheque Ring scheme
March 21, 2025
The Guyana Police Force Criminal Investigation Headquarters is investigating a cheque fraud ring in which bogus cheques are being printed in the name of legitimate large-scale businesses and then encashed into the accounts of other persons who are part of a bogus cheque ring.
The current case being probed by detectives involves more than twenty-six million dollars, which was removed from the Bank Account of a local multi-million-dollar company. Two persons are presently in custody while the police are looking for others.
HOW IT IS DONE
The Bogus Cheque which was created
The determine how the bogus cheque ring operates, police investigators continue to question two men who are currently in custody.
The ring has two main players, one who creates bogus cheques which are then printed, those are then handed over to another individual who employs the means and puts logistical arrangements in place to have those cheques cashed into a business account at the bank.
The bogus cheques will bear identical information as an authentic cheque issued to the legitimate business by the bank. The figure to be stolen from the account of the legitimate business will then be written on the cheque along with the business count name of the bogus cheque ring member.
Once created and printed, the cheque then makes its way to the mastermind through a courier with the use of a car. Once the name and figure are inputed onto the bogus cheque, the courier then takes the cheque to another player in Linden who then deposits the cheque into the business account. After three working day, the money is then withdrawn.
The case that is currently being investigated by the police is where the men were able to steal more than Twenty-Six Million Dollars from the business account of GuyAmerica Construction Company. Another company was also robbed more than sixteen million from its business account but this publication could not confirm if that comnay has already made a police report.
A copy of the receipt issued by Republic Bank
In this case, a Bogus Citizens Bank Cheque was created and that Cheque was deposited into an account at Republic Bank.
Republic Bank then went ahead and paid from the legitimate business account, the sum which was printed on the bogus cheque.
A bogus contract was also created, printed, and supplied to the bank, which was used a proof of source of funds. The bogus contract stated that the business account into which the cheque was to be deposited was a sub-contractor for the legitimate company.
The bogus contracts created to represent source of funds on the bogus cheque
The banks involved have been notified and the account for the business affected was closed while both the banks nd the police condue their investigations.
