Well Known Guyanese in Mortgage Scam in Queens NY
Nearly one year after several Guyanese were charged in a high profile mortgage scam, another well known Guyanese in the NY Tri-state area has been charged and is on a 2.5 million US dollar bail package. PPP/C supporter and financier Ed Ahmad made a court appearance on Friday in NY on a complaint that was unsealed on the same day. Ahmad of Ozone Park and Liberty Avenue Queens arranged his own bail package and came with retained counsel to the Brooklyn Federal district court.
The court documents reveal that Ahmad and the several other Guyanese before him were charged under the task force set up by President Obama to investigate financial irregularities. Ed Ahmad was allegedly engaged in schemes to pull in mortgage money from financial institutions through fraudulent means.
In this specific complaint, Ahmad is accused of attempting to defraud Countrywide Home Loans by using straw buyers with questionable credit histories to obtain loans and properties for Ahmad through the scheme. Ahmad shot to prominence in the real estate market just after 1992 and eight years later invested in a Catering business that hosted several Guyana Government and PPP functions and functionaries.
Ahmad has appeared on local television in Guyana promoting his latest venture, an appliance and home improvement store that now stands where the PPP Mirror Newspaper offices once occupied. The store also promotes the importation of pine wood into Guyana.
Capitol News understands that a recent search by federal agents of the luggage of a senior government functionary was a clear signal that money was being siphoned off to Guyana through these schemes. Banking officials in the United States have long complained that Guyanese particularly those ensconced in Queens and promoted as hard working immigrants were really bilking the system through these loan schemes. Much of their money if not derived from the narcotics trade out of Guyana, came from the financial institutions themselves through mortgage and other investment scams.
At least two individuals connected to pharmaceutical suppliers to the Guyana Government have had cases in the Federal courts resulting in convictions.
Last year two well known NY based Guyanese Trevor Rupnarain and Shawn Chand were charged in an over three million US dollar mortgage fraud scheme. Fifteen other persons nearly all of them Guyanese from the predominantly Guyanese community in Richmond Hill Queens were charged in the same mortgage fraud. This year several other Guyanese were jailed both at the state and federal levels for mortgage scams and financial irregularities.