Sanctioned Guyanese Billionaire Azruddin Mohamed Freed on Bail After Launching Presidential Campaign

News Americas, New York, NY, May 29, 2025: Guyanese businessman and presidential hopeful Azruddin Mohamed has been granted bail in the sum of GYD $500,000 following his arraignment on two criminal charges related to alleged tax evasion and fraudulent declarations to the Guyana Revenue Authority, (GRA).

Sanctioned Guyanese billionaire Azruddin Mohamed gets bail on tax charges as he kicks off his 2025 presidential campaign ahead of Guyana’s elections.

Appearing before Acting Chief Magistrate Faith McGusty at the Georgetown Magistrates’ Court today, Mohamed pleaded not guilty to both charges. The first charge alleges that on December 7, 2020, he knowingly caused a false declaration to the GRA by significantly undervaluing the purchase price of a luxury vehicle – a Lamborghini Aventador. The second charge accuses him of being involved in the fraudulent evasion of taxes through the same undervaluation. It is alleged that the vehicle was purchased for US$695,000, contrasting with the US$76,000 figure declared by Mohamed.

Represented by Attorneys Siand Dhurjon, Damian Da Silva, and Darren Wade, Mohamed was described as a 39-year-old businessman and father of five, residing at Lot 17 Houston Estates. His legal team argued for his release on his own recognizance, citing his status as a well-known figure with no prior convictions. However, the court imposed bail of $250,000 on each charge, totaling $500,000. The matter is scheduled for further proceedings on June 26.

These charges come in the wake of U.S. sanctions imposed in June 2024 by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Mohamed, his father Nazar, and their company, Mohamed’s Enterprise. The sanctions were based on allegations of corruption and tax evasion, including underreporting over 10,000 kilograms of gold and evading more than US$50 million in taxes.

Despite these legal challenges, Mohamed has officially declared his candidacy for the presidency in Guyana’s upcoming general and regional elections scheduled for September 1, 2025. In a video statement, he outlined his vision for a “new Guyana,” emphasizing equality, trust, and unity. He pledged to build a nation grounded in integrity and public service, welcoming international election observers to ensure democratic oversight.

Mohamed’s campaign focuses on addressing economic disparities and promoting inclusive development. He criticized government extravagance amid rising living costs, stating, “Eggs have become too expensive for egg-fry, meat too costly for pepper pot.” He advocates for leadership that serves all citizens equally, aiming to lift people out of poverty through genuine efforts rather than superficial displays.

As Guyana navigates a period of rapid economic transformation driven by its oil and gas sector, Mohamed’s candidacy adds a new dimension to the political landscape. The upcoming elections are poised to be a defining moment for the nation’s democracy and global standing.

The legal proceedings against Mohamed continue, with the next court date set for June 26. Under applicable laws, a conviction could result in fines ranging from $10,000 to