Demerara Bank cut ties with several candidates of US-sanctioned Azruddin Mohamed-led WIN

Demerara Bank has closed the accounts of several candidates from the We Invest in Nationhood (WIN) party, which is led by Azruddin Mohamed, who was sanctioned by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury and now is contesting the September 1 polls.

Among the candidates who were notified that their accounts will be closed on July 25, 2025, are Duarte Hetsberger and Natasha Singh-Lewis, who have revealed that Demerara Bank has informed them that the financial institution will be closing their personal accounts. Singh-Lewis is a former A Partnership for National Unity (APNU) member of parliament, while Hetsberger is a former personal assistant of former Chief Elections Officer Keith Lowenfield.

At a press conference on Tuesday where only a selected group of media practitioners were invited by WIN, it was revealed that the candidates were informed via email and calls from the bank, but no explanation was provided besides the entity citing “internal policies”.
On Tuesday, this publication reached out to Demerara Bank’s Chief Executive Officer, Dowlat Parbhu, for comment regarding the bank’s recent decision. However, Parbhu declined to provide a response, stating only that he is unable to discuss the personal details of account holders.
Nevertheless, in an interview with Demerara Waves Online also on Tuesday, Parbhu revealed that the decision was made to ensure the bank complies with international financial sector rules governing relations with sanctioned individuals.
He was quoted by that publication as saying, “I don’t think it should be unclear. If they had read all the provisions of international compliance legislation and protocol dealing with an individual that was sanctioned by OFAC (Office of Foreign Assets Control), then they should be very clear. If those who are interested go and read it, they will find the reason why Demerara Bank had to take such a decision.”
Further, according to that same report, he had explained that the decision was taken in light of DBL’s risk assessment. “Anybody who has a relationship that poses a compliance risk with the bank, we have an obligation under the AML (Anti-Money Laundering) legislation to take action and de-risk, and that comes with international correspondent bank guidelines,” he added.

Financial systems at risk
Back in March, Vice President Bharrat Jagdeo had explained that Guyana would put its financial systems at risk if the Government continues to engage in business with the Mohamed family, members of whom have been sanctioned by the United States for alleged corruption and gold smuggling.
Meanwhile, earlier this month, President Irfaan Ali issued a forceful public statement that challenged controversial United States (US)-sanctioned businessman-turned-political aspirant Azruddin Mohamed, declaring him a “risk” to Guyana’s financial stability, sovereignty and regional diplomacy.
The Head-of-State too had warned that the Guyanese businessman threatens the very institutions that protect Guyana’s borders and economy.
“He (Azruddin Mohamed) is a risk to our financial system. I would ask the media and all his handlers to ask the commercial banks why they have not sanctioned him. Why is he a risk to our country? Ask the insurance companies why they cannot conduct financial transactions with him.”
“He is also a threat to our diplomacy, and our diplomacy is linked to the defence of our sovereignty and territorial integrity. In those sanctions, the US Government has made it very clear that the US Government or agencies or businesses cannot conduct business with him,” he said.
In 2024, the Department of the Treasury’s OFAC had announced that it sanctioned Nazar Mohamed and his son, Azruddin Mohamed, several of their companies, and a Guyanese Government official, Mae Thomas, for their roles in alleged public corruption in Guyana.
According to a statement from OFAC, this is related to the evasion of taxes on gold exports, noting that between 2019 and 2023, Mohamed’s Enterprise omitted more than 10 thousand kilograms (kg) of gold from import and export declarations and avoided paying more than US$50 million in duty taxes to the Government of Guyana.

Maduro puppet
Recently, US Congressman Carlos Gimenez expressed that “in the US Congress we are alarmed by the regime in Venezuela’s attempt to undermine Guyana through its pro-Maduro puppet candidate Azruddin Mohamed, who is sanctioned by OFAC.”
Additionally, United States Congresswoman María Elvira Salazar recently cautioned that “individuals sanctioned for illicit activities must not be allowed to jeopardise” the important Guyana-US relations.

Local tax evasion
Mohamed is currently before the local court charged with allegedly fraudulently under-declaring the value of a Lamborghini Aventador, which is currently at the centre of the dispute between him and the Guyana Revenue Authority (GRA).
The US Department of Justice, under the Mutual Legal Assistance Treaty (MLAT), provided an original invoice for the Lamborghini Aventador, which was billed to Azruddin Mohamed himself, to the tune of US$695,000.
However, in his previous declarations to the court, Mohamed claimed to have spent US$76,000 on the luxury car. A difference of some US$619,000.
In April, GRA officials, backed by police, attempted to seize several luxury vehicles – including a Lamborghini Roadster, Ferrari, Rolls Royce, and Land Cruisers – from the Mohamed’s residence in Houston, Greater Georgetown. The operation was aborted after a hostile crowd, reportedly paid by Mohamed, blocked access to the premises.
GRA has said that the vehicles were imported under the remigrant scheme but failed to meet key requirements, including residency status and proper declaration of value. The total tax liability in the matter is estimated at nearly $900 million.
Among the outstanding amounts are: $479.7 million for a 2020 Ferrari registered to Hana Mohamed; $371.7 million for the Lamborghini tied to Azruddin Mohamed; $320 million for a 2023 Rolls Royce registered to Bibi Mohamed; and additional millions linked to a Range Rover and Toyota Land Cruisers under various family names.