Herstelling family arrested over multi-billion money laundering scheme with Chinese businesses

According to a statement from the Police, its Special Organised Crime Unit conducted the probe of Kenneth Ramnarine and his reputed wife Yvette Saroop and Kenneth's son, Damien Ramnarine.

Herstelling family arrested over multi-billion money laundering scheme with Chinese businesses

Three members of a Herstelling family are facing serious money laundering charges amounting to over $4 billion.

The family has been under investigation for over three years and they are accused of laundering money for Chinese businesses.

According to a statement from the Police, its Special Organised Crime Unit conducted the probe of Kenneth Ramnarine and his reputed wife Yvette Saroop and Kenneth’s son, Damien Ramnarine.

The three are facing a total of 268 money laundering charges.

According to SOCU, the three persons knowingly converted or transferred the money in question knowing that the money was garnered as proceeds of organised crime.

The three family members are accused of conducting multiple suspicious transactions at several financial institutions in Guyana, raising concerns that they may be involved in money laundering activities.

SOCU said that based on large cash deposits through the business account of Kenneth Ramnarine’s business, the sources of funds could not be ascertained, although most of the deposits were are attributed to sales from biodegradable food boxes sold to local businesses, particularly Chinese restaurants.

The Head of SOCU claimed 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 dollars.

SOCU did not name any of the Chinese businesses that are under investigation.

SOCU said its investigators did not find any legitimate source of the funds, which the accused wire transferred out of Guyana.

The accused’s actions suggested that they may be operating as nominees for some Chinese businesses and also facilitating tax evasion through Ken’s Trading Enterprise.

SOCU reportedly also checked with a number of businesses that were listed as the source of the funds and those investigations saw those businesses denying any involvement in any large business transaction with any member of the family.

SOCU also monitored the lifestyles of the three accused. The husband and wife were arrested during an attempt to flee the country, according to SOCU and the son later turned himself over to investigators.

They have all been remanded to custody, pending the next Court date.

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