Bank of Guyana Governor advises Azruddin Mohamed concerning closed bank accounts

Last Updated on Sunday, 21 September 2025, 10:56 by Writer

The Governor of the Bank of Guyana Dr Gobind Ganga has advised United States (US)-sanctioned city businessman, Azruddin Mohamed, that court cases against several commercial banks for closure of the bank accounts of several party members should be withdrawn as a first step to reengage those financial institutions.

“The Governor advised Mr. Mohamed to withdraw his case against the commercial banks and affiliates to seek reevaluation of their money laundering/terrorist financing risks which is the responsibility of the commercial banks,” government’s Department of Public Information (DPI) said in a terse statement.

The DPI said Mr Mohamed, who is the leader of We Invest in Nationhood (WIN), misrepresented the facts on social media about an interaction he had with the central bank governor.

Last month five WIN candidates sued Citizens Bank Guyana, Guyana Bank for Trade and Industry and Demerara Bank Limited for closing their bank accounts. The account closures began after their names appeared on WIN’s nomination list for the September 1, 2025 general and regional elections. Demerara Bank Limited said its decision was tied to Mr Mohamed having been sanctioned by the United States Treasury Department’s Office of Foreign Assets Control in June 2024 for allegedly evading more than US$50 million in taxes payable to the Guyana government on the exportation of more than 10,000 kilogrammes of gold.

The Guyana Revenue Authority (GRA) earlier this month requested the High Court to suspend a civil tax evasion case against Mr Mohamed until the Magistrates’ Court hears and determines its criminal charges of tax evasion and making a false declaration for the importation of a Lamborghini luxury car. GRA is disputing the true value of the Lamborghini Roadster SVJ which Mr Mohamed said he bought for US$75,000.00 and paid GY$48,968,035.00 in duties. The tax agency said it had unearthed evidence from the U.S. showing that Mr Mohamed allegedly bought that car for US$695,000 and so should pay 420 million in taxes.

The OFAC sanctions on Mr Mohamed and his father, Nazar “Shell” Mohamed, had featured heavily on the People’s Progressive Party Civic’s election campaign trail.