One of the names that has surfaced in the recent multi-million dollar fraud at the New Building Society (NBS), Kumar Ragobar was dismissed from the society on an unrelated matter but there is the view that he may have answers to question on the $69M theft from the account of a NBS customer.
There is renewed interest in the matter following the apprehension of several other persons last week.
Ragobar who was the society’s savings accounts supervisor was dismissed on March 14 this year after the society’s investigations revealed that he had unauthorized involvement and had conducted transactions outside of his ambit in relation to a savings account.
In the dismissal letter which this newspaper has seen, former Director/Secretary Maurice Arjoon advised Ragobar that based on the evidence and his response to several allegations which were levelled against him he was being summarily dismissed with immediate effect for serious misconduct.
In the $69M fraud committed last year on an account belonging to Bibi Khan, NBS documents, which this newspaper has seen, stated that Ragobar and another employee Imran Bacchus dealt extensively with the unlawful withdrawals.
This newspaper understands that Ragobar was written to by the society’s management and informed about the allegations levelled against him and was required to respond, and he did.
That document revealed too that a power of attorney executed in Toronto at the Guyana Consulate and duly registered in the registry of the High Court, and a verbal and written confirmation from someone purporting to be Bibi Khan led to the unlawful withdrawals from that account.
Additionally, the document stated that a signature was also affixed to the written confirmation of the power of attorney document which was used to withdraw seven sums totalling $69M via seven cheques drawn in favour of various individuals whose names were given by a Compton Chase who presented the power of attorney document.
Among those names, the document stated, were names of money changers attached to Swiss House Cambio and one of a money changer from L. Mahabeer Cambio, while two of the cheques were drawn in favour of the power-of-attorney holder, Chase.
All the cheques were for over $2M which required that they be signed by the three top managers of the society.
Chase had laid low until his recent arrest and Bacchus had left his job at NBS. Ragobar is believed to have left the country.
This newspaper understands too that Ragobar was involved in several private transactions with account holders and even collected large sums of money on behalf of the account holders with the promise to deposit the amounts into their accounts.
Ragobar had such a good relationship with account holders too, this newspaper was told, that they left very large sums of foreign currency in his possession to be converted to local currency and deposited into their accounts.
In some cases, Ragobar allegedly made entries into the passbooks of those account holders but corresponding entries were not made into the society’s records.
Alienating
New York businessman Jagdeo Dyal Ramdayal had moved to the courts, applied for and was granted an injunction against two persons, one of them being Ragobar, after he alleged that his property was fraudulently sold through illegal acts by the former NBS employee.
Justice B.S. Roy had granted the injunction on the ex parte application and restrained Indarpaul Ramlall and a minor from selling, leasing, mortgaging or alienating the property at Queenstown, and from demolishing, repairing or disposing of the building until the hearing ended.
The court documents had alleged too that Ragobar had offered to sell Ramdayal’s home back in May 2006 when the businessman, a customer of NBS, said at the NBS that he was interested in selling.
The Registrar of Deeds was also named as a defendant in the court action since according to Ramdayal he had revoked the power of attorney months before the transport for the home was passed using the same power of attorney that Ragobar had.
In addition to the injunction, Ramdayal is seeking a declaration that transport no. 290 of 2007 held in the name of Indarpaul Ramlall and the minor was obtained by fraud perpetrated by Ragobar; as well as an order setting aside the transport, damages in excess of $50,000 for fraud committed by the defendants, damages in excess of $50,000 for breach of contract committed by Ragobar and an order rescinding the contract of sale and purchase entered into with Ramlall and dated December 12, 2006.
The affidavit filed in support of the application by Ramdayal’s new power of attorney, Lionel S. Britton said he had an account at NBS and on a visit to Guyana in May 2006 he first met Ragobar. During a conversation he disclosed that he was interested in selling the house and Ragobar agreed to assist in obtaining a purchaser. Ramdayal returned to the US later that month and Ragobar contacted him to say that he had located a buyer.
It was at this stage that the US businessman executed a limited power of attorney to Ragobar for him to sell the home. He also sent home the original transport to Ragobar but was later informed that the buyer had pulled out of the deal.
In September 2006 Ramdayal returned to Guyana and collected his transport from Ragobar and when he enquired whether Ragobar had registered the power of attorney with the Deeds Registry, he was told no. Ragobar then expressed an interest in purchasing the property but no agreement was reached then.
After Ramdayal returned to the US Ragobar continued to express an interest in the property so the businessman came back to Guyana in December 2006 to finalize the sale.
For the second time he asked about the power of attorney and was informed it was yet to be registered. But he later checked Ragobar’s story and found that the power of attorney had been registered. Ramdayal then filed a revocation with the Deeds Registry and told Ragobar that he no longer had the power of attorney.
Since Ragobar continued to express an interest in purchasing the home, Ramdayal entered into a written agreement with him.
The purchase price of the property was given as $7.2M with a deposit of $1.2M. Ragobar prepared the agreement and signed it at the NBS; he also agreed to bear all the legal expenses pursuant to the agreement.
In a verbal agreement both parties agreed that most of the balance of the purchase price, being the equivalent of US$29,000 would be paid to Ramdayal in New York by a relative of Ragobar’s at which time the businessman said he would return to Guyana to sign all relevant documents, complete the conveyance and receive the remainder of the purchase price.
But Ramdayal returned to the US shortly after and waited up to March 2007 and the balance of the purchase price was not paid. He tried to contact Ragobar at NBS but was unable to do so. Then Ragobar called him. The former NBS employee said his relative was going to pay the money soon. Shortly after, someone called Ramdayal from Canada claiming to be Ragobar’s relative and promised that the money would be paid but he never received any money.
In May 2007 Ramdayal was informed that Ragobar was no longer employed at NBS and that he was being sought by the police. At that time Ramdayal felt he had nothing to worry about because the power of attorney had been revoked and a tenant was staying at his home.
But when he returned to Guyana recently and checked with the Deeds Registry he was informed that the transport had been passed to Indarpaul Ramlall and a minor since February 7, 2007.
The court document says he also learned that the affidavit of vendor and purchaser, instructions to advertise and an application for a lost certificate of title had been filed in the Deeds Registry on October 12, 2006 and Ragobar had signed on his behalf. Ramdayal also discovered that despite the revocation of the power of attor
ney, the said power of attorney was updated by Ragobar on February 6, 2007 and used by him to pass the transport to the new owners.
