GEORGETOWN – In a surprise move that has raised eyebrows across the business and political landscape, the Guyana Revenue Authority (GRA) on Thursday morning withdrew and discontinued all tax-related charges against prominent gold dealers and businessmen Nazar and Azruddin Mohamed of Mohamed’s Enterprise.
The decision effectively ends one of the country’s largest tax disputes in recent history.The father and son appeared before Chief Magistrate Faith McGusty at the Georgetown Magistrates’ Court, but when the matter was called, the GRA’s prosecutor informed the court that the agency would no longer pursue the case.
No explanation was given for the sudden withdrawal. The case had originated from what the GRA previously described as an extensive audit of Mohamed’s Enterprise’s gold export and financial records. Investigators alleged that the company had underreported billions in income, resulting in a total of G$34.07 billion in understated taxes between 2019 and 2023.
When interest and penalties were added, the total amount allegedly due climbed to more than G$191 billion. The GRA had accused Nazar Mohamed of filing an incorrect tax return that declared G$66.7 million in liabilities while understating his true taxable income by nearly G$4.94 billion, in violation of Section 110(1)(a) of the Income Tax Act, Chapter 81:01.
His son Azruddin Mohamed, who was sworn in as an Opposition Parliamentarian earlier this week, was also accused of understating his taxes by more than G$7 billion on gold exports. Both faced multiple counts of filing false returns.Thursday’s withdrawal brings an abrupt end to the local proceedings. However, the Mohameds remain under intense international scrutiny.
In June 2024, the United States Department of the Treasury sanctioned both Nazar and Azruddin Mohamed for alleged corruption and large-scale tax evasion tied to Guyana’s gold export industry, claiming they had exploited weaknesses in the system to conceal profits. Then, in October 2025, a U.S. grand jury in the Southern District of Florida formally indicted the two men on charges including conspiracy, mail and wire fraud, money laundering, and gold smuggling.
The indictment alleges that more than 10,000 kilogrammes of gold were exported without proper taxes or duties being paid, costing Guyana an estimated US$50 million in lost revenue. While the GRA’s decision closes the chapter on the domestic tax case, it leaves lingering questions about the reasons for the sudden discontinuation.
For now, the Mohameds’ legal troubles appear far from over, as attention shifts to the U.S. criminal proceedings and the broader international spotlight on Guyana’s gold export sector, long criticised for weak oversight and vulnerability to corruption.
