Director Of Gago Gold Inc. Sebastiao Moura Who Is Facing Money Laundering Charges In Guyana. Photo: Guyana Police Force

Sebastiao De Oliveria Moura, 43, the Director of Gago Gold Inc., appeared before Acting Chief Magistrate Faith Mc Gusty at the Georgetown Magistrates Court yesterday where he faced multiple indictable charges under Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism Act.

The court granted Moura bail set at $1,750,000 across the five counts. He was not required to enter a plea during this initial hearing, and the case has been adjourned until April 22 for disclosure proceedings.

According to Deputy Commissioner Fazil Karimbaksh, who heads the Special Organised Crime Unit (SOCU), the investigation began on February 7, 2024, following an operation involving multiple agencies.

SOCU officers, working alongside officials from the Ministry of Natural Resources, the Guyana Gold Board, and the Guyana Geology and Mines Commission, executed a search warrant at Moura’s business premises located at Lot 19 Albert Street in Bourda, Georgetown.

The year-long investigation uncovered assets allegedly linked to criminal activity. Authorities seized GY $81,101,200 (approximately US $388,000) in local currency, US $6,057 in American currency, and SRD $240 in Surinamese currency. Additionally, law enforcement confiscated 4,018.15 pennyweights of gold valued at GY $112,588,563 (approximately US $538,000) and diamonds weighing 3.5 grams.

This is not Moura’s first encounter with Guyanese authorities. Prior to the money laundering charges, he had already been charged with failing to maintain and produce required documentation to the Guyana Gold Board, a violation of Section 9(4) of the Guyana Gold Board Act.