GWI moving to recover $30M stolen in wire fraud

The Guyana Water Incorporated (GWI) is currently moving to recover close to $30 million which was allegedly pilfered from the company through fraud.

Chief Executive Officer (CEO) Shaik Baksh made this disclosure during a virtual press conference on Friday.

Last month, the Board of Director of GWI announced that a fraud was perpetrated at a commercial bank and resulted in the debit of GWI’s bank account of nearly $30 million.

The company did not release the name of the bank. Baksh said there are two aspects of the investigation. The first, he noted, involves a criminal investigation by the police.

According to Baksh, the probe is ongoing.

“It was promptly reported to the police and they are

investigating. They informed us about a week ago that they need more time because they are going international with the investigation because remember some of the contractors were signed off to persons in the United States of America. So they are still doing their work. We can’t push them faster than they can go,” Baksh related.

The other aspect, he said, involves its bank. In relation to this, Baksh said the company will move to the court, if the need arises.

“….We are moving to get the money back. As a matter of fact, we may have to move right now to the courts if the response that we receive, we have to study that response. We will go to the courts to get our monies back into our accounts and we are serious about this,” Baksh said.

In its statement on the fraud, GWI said the discovery was made by the finance department while reconciling accounts for March 2021.

The amounts are $17,489,417, debited on March 16, 2021, and $12,327,515, debited on March 24, 2021.

“Upon querying, the bank informed GWI that the amounts represent payments made via wire transfer instructions, payable to two persons (names given) resident in the USA,” the statement said.

The addresses of the recipients are 1405 Brooklyn Avenue AF2F Brooklyn Avenue, New York 11210 and 1998 Pacific Street, Brooklyn NY 11216.

GWI had added that it was established that both signatures on the wire transfer instruction letters were forged, GWI said.

The company noted that it never conducted business with these persons or at no time initiated or instructed the bank to carry out these fictitious transactions.

The police handwriting experts have confirmed that the signatures were forgeries, the statement said while adding that the Bank of Guyana was also notified of this fraud.