Dave Rajeshwar Persaud, a renowned fraudster, was jailed for three years after he was found guilty of defrauding a woman of $30 million.
Magistrate Wanda Fortune of the Friendship Magistrate’s Court found the fraudster guilty of obtaining by False Pretense in contravention of Section 194 of the Criminal Law (Offences) Act Chapter 8.01 and sentenced him 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.
A SOCU release noted that at the beginning of August 2023, Persaud visited the complainant’s premises situated at East Bank Demerara to rent the said property. Persaud related to the complainant that he was a businessman who imported groceries to sell to supermarkets or shops and that he owed an auto dealership. Persaud reportedly 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 $30 million from her deceased husband’s life insurance policy, and Persaud induced her into investing the funds into his fictitious business in return for a 50% profit, that is, a $15 million profit within two weeks. After two weeks had passed, the complainant questioned Persaud about her returns on her investment, but she did not recover the money invested.
According to the SOCU Head, Deputy Commissioner Fazil Karimbaksh, during the period of 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. Mr. Persaud, however, during this period, had fled the jurisdiction to neighbouring Brazil. A wanted bulletin was issued for his arrest by SOCU, and he was later apprehended and charged.
In June 2024, Persaud 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.
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 SOCU.
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