Fraudster jailed for $30M investment scam

Convicted fraudster Dave Rajeshwar Persaud, also known as Dave Persaud or Raj Persaud, has been sentenced to three years’ imprisonment by Magistrate Wanda Fortune at the Friendship Magistrate’s Court, after being found guilty of obtaining GY$30,000,000 by false pretence.
Persaud, who was the subject of multiple fraud and money laundering investigations, was convicted under Section 194 of the Criminal Law (Offences) Act, Chapter 8:01, following a charge brought by the Special Organised Crime Unit (SOCU).
According to the case presented in court, the fraudulent act took place between September 4 and 8, 2023. During that period, Persaud, with intent to defraud, convinced a woman to invest GY$30 million, sourced from her late husband’s life insurance policy — into a fictitious business venture, claiming she would receive a 50 per cent profit within two weeks.

Persaud had claimed the funds would be invested into his company, “Dave Persaud Investment Co.,” and promised the complainant a return of GY$15,000,000 within two weeks. However, that never materialised.
Investigations revealed that in August 2023, Persaud approached the complainant at her East Bank Demerara (EBD) property under the pretence of renting the premises. During his visit, he claimed to be a businessman involved in grocery importation and distribution, as well as the owner of an auto dealership.
Gaining the complainant’s trust, Persaud further encouraged her to promote the investment opportunity to other residents in the community, promising unusually high returns of between 50 per cent and 80 per cent on investments through his so-called company, none of which actually existed.
Following the two-week deadline with no returns on her investment, the complainant questioned Persaud about the promised profits. However, she never recovered the $30 million she had invested. It was later discovered that the entire operation was a Ponzi-style scheme.
SOCU began an extensive investigation and manhunt for Persaud, who fled the jurisdiction between September 2023 and April 2024, seeking refuge in neighbouring Brazil. A wanted bulletin was issued, and with regional cooperation, he was eventually apprehended and returned to Guyana to face charges.
In June 2024, he was officially charged with obtaining money by false pretence and remanded to prison pending trial.
Delivering her ruling on Friday, Magistrate Fortune found that all elements of the offence were proven beyond a reasonable doubt. She described the scheme as a calculated act of deception that preyed on a grieving widow’s trust and financial vulnerability.
The matter was prosecuted by SOCU Prosecutors Aaron Daniels and Neville Jeffers.
Speaking on the conviction, SOCU Head, Deputy Commissioner Fazil Karimbaksh, noted that this case represents one of several ongoing investigations involving Persaud, who has been linked to a string of serious financial crimes in Guyana.
Karimbaksh reaffirmed SOCU’s commitment to pursuing offenders who engage in large-scale financial scams, and exploitation of innocent citizens for personal gain.