Multimillion-dollar fraud uncoveredat FinMin

Three people, including a senior supervisor, are said to be assisting police in their investigations into a multimillion-dollar fraud uncovered at Guyana's Ministry of Finance.

Finance Minister Dr Ashni Singh told reporters that Guy$196 million (US$980,000) was embezzled from the State between March 2009 and February 2011 before the scam was discovered.

Singh said investigations by his ministry, the Audit Office and the Guyana Police Force revealed 75 cheques for pension benefits had been paid out to persons who are not entitled to the funds.

He said the cheques were cashed at the Central Bank and other commercial banks.

The finance minister said that three people, including the supervisor, are being questioned by the police and promised that those involved in the fraud will face the full brunt of the law.

"Let me say that the investigations are still ongoing, not all the persons whose names are published in the bulletin have come in either voluntarily or have not been found, that effort is ongoing, so it is our intention to interview all of them and we are hoping that everyone of them invited to come will come in voluntarily, but the police effort to find them will continue," Singh said.

"We are also taking steps to make sure that there is adherence to the applicable controls. I am hopeful and optimistic that the steps taken are reasonable steps to minimise the risk of re-occurrence."

He said there are systems within the ministry to prevent and detect such incidents.

- CMC