The SARU/Republic Bank saga…Sugrim says implicating him was a wicked act

The accusation that Haresh Narine Sugrim, called “Chinee”, deposited some $82 million into an account in Republic Bank was not only spurious but also far-fetched.
A source close to Republic Bank said that the person who complained about the sudden jump in his bank account, had actually owed the bank the exact sum that was deposited into the account.
The company had taken a substantial loan from the bank. As business continued to slump, the company eventually lost its assets to Republic Bank. The sum of $82 million remained on the books.
The source said that this necessitated an administrative action, which saw the bank making a paper transaction to eradicate the debt. No money was actually deposited into the account.
Haresh Narine Sugrim’s name came into the picture because of his proximity to the company that owed the bank.
He had earlier demonstrated an interest in acquiring the assets of the company that was foreclosed on by Republic Bank.
The use of Sugrim’s name in this episode only sought to aggravate an existing matter involving Sugrim. Late last year, the authorities in New York arrested him on the suspicion of money laundering. That issue is still before the New York courts even as Sugrim is back home in Guyana after posting bail.
Meanwhile, Sugrim is worried that anger could see someone implicating him in a money laundering scheme, and using every possible avenue to make this fact known.
He said that the Bank is a big and powerful institution that can defend itself. He, on the other hand, must struggle to develop a reputation. He said that more than anyone else, he deserves an apology from the person who implicated him in the matter.