SOCU’s sting operation uncovers illegal cambio operation before raid at Mohamed’s Enterprise

Despite US-indicted businessman Azruddin Mohamed’s claim that the cambio at Mohamed’s Enterprise is not operational, video footage released by the Special Organised Crime Unit (SOCU) indicates otherwise.

SOCU on Wednesday and Thursday released footage of its sting operation conducted at the Lombard Street, Georgetown establishment moments before it conducted a raid at the premises as part of its ongoing investigation into illegal foreign exchange transactions.

In a statement on Thursday, SOCU reminded that the cambio establishment had been formally ordered closed following sanctions imposed by the United States Government and corresponding local regulatory and enforcement actions.

The Bank of Guyana had revoked the cambio licence of Mohamed’s Enterprise after the United States imposed sanctions in June 2024 on businessman Nazar Mohamed and his son, Azruddin Mohamed.

Despite the directive, SOCU has uncovered evidence that foreign exchange transactions continued at the location in breach of the closure order.

Prior to the release of the additional footage on Thursday, Azruddin Mohamed publicly denied that the cambio was operational.

In an interview with Demerara Waves Online News, Mohamed rejected claims that an illegal cambio was being operated at the location. Commenting on the first set of videos by SOCU, Mohamed said, “that is untrue. Never ever!!! I looked at the video and I am not seeing no USD (United States dollars).”

US-indicted Mohamed, who is also the Leader of the Opposition (LOO) has claimed that the enforcement action is politically motivated.

https://inewsguyana.com/wp-content/uploads/2026/02/WhatsApp-Video-2026-02-12-at-7.28.15-AM.mp4

Following Wednesday’s operation, he stated that the government had shut down his businesses and questioned how operations could continue under those circumstances. His party, We Invest in Nationhood (WIN), also issued a statement alleging that he was being targeted by the government and law enforcement agencies.

However, SOCU said the additional footage released on Thursday, captured minutes before the operation commenced, shows and audibly records the exchange of local and foreign currency. The agency stated that the video confirms that business transactions were actively taking place at the time.

On Wednesday, SOCU conducted what it described as a targeted joint law enforcement operation at 29 Lombard Street, where Mohamed’s Enterprise is located. According to a report published by iNews, officers acted on intelligence indicating that illicit transactions were occurring at the premises.

During the raid, officers seized materials linked to suspected unlawful operations. Several individuals were taken into custody and are assisting with investigations. SOCU said the items recovered are undergoing forensic and financial analysis and that further enforcement action will be taken where warranted. Charges are expected to be filed.

In response to allegations of political persecution, SOCU on Wednesday released two videos described as sting operations. In the recordings, officers acting as civilians reportedly entered Mohamed’s Enterprise and were able to exchange foreign currencies despite the revocation of the cambio licence.

“This action forms part of an intensified national and regional security strategy aimed at disrupting organised criminal networks engaged in gold smuggling, illicit financial flows, unlicensed money exchange operations, and related offences,” SOCU said in a statement.

The agency added that surveillance evidence will confirm that the raid was conducted strictly on credible information and not for political reasons. It reiterated its commitment to enforcing the law without political influence and stated that no one is above the law.

SOCU also highlighted ongoing collaboration with domestic and regional partners to safeguard Guyana’s financial and regulatory systems. Investigations remain ongoing, and the agency said further updates will be provided as appropriate.

Mohamed’s Enterprise and other associated businesses linked to Nazar and Azruddin Mohamed have previously been implicated in allegations of gold smuggling and tax evasion. Authorities have alleged the under-declaration of more than 10,000 kilograms of gold between 2019 and 2023, resulting in over US$50 million in avoided duty taxes.

The Mohameds continue to challenge the legal actions against them, including extradition proceedings in the United States.