The Special Organised Crime Unit (SOCU) on Tuesday uncovered what investigators described as an illegal, unlicensed money-changing operation at a at Mohamed’s Enterprise on Lombard Street, Georgetown which is owned by U.S.-sanctioned businessman and Opposition Leader Azzrudin Mohamed.
SOCU ranks conducted what officials said was a sting operation at the property, located at Lot 29 Lombard Street, Werk-en-Rust. During the operation, undercover agents reportedly exchanged U.S. currency at the premises before other officers moved in, seizing documents and other items and taking several individuals into custody for questioning.
Authorities said investigations are ongoing.
According to information released by law enforcement, Mohamed later denied operating any business at the property when confronted by officers. However, video footage of the undercover transaction was subsequently made public after he rejected allegations of wrongdoing.
SOCU has not yet announced any charges.
The development comes amid continuing scrutiny of Mohamed and his family following sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on June 11, 2024.
OFAC designated Nazar Mohamed, Azzrudin Mohamed and several related companies, including Mohamed’s Enterprise, alleging their network was involved in public corruption, the under-declaration of gold exports and tax evasion. The sanctions froze any U.S.-based assets and barred U.S. persons from engaging in transactions with the named individuals and entities.
Following the sanctions, the Bank of Guyana revoked the licence for “Confidential Cambio,” which had operated at the same Lombard Street address. The central bank said at the time that the entity was no longer authorised to buy and sell foreign currency in Guyana.
In a separate but related development, the U.S. Department of Justice announced on Nov. 28, 2025, that a federal grand jury in Miami had returned an indictment against Nazar Mohamed and Azzrudin Mohamed.
The indictment, filed Oct. 2, 2025, in the Southern District of Florida, alleges a multi-year scheme involving tax evasion, fraud and money laundering connected to gold exports.
U.S. prosecutors have alleged that the defendants conspired to underreport the value of gold shipments and evade taxes, though the matter remains before the courts.