UPDATE: Men who stole $400M worth of raw gold went on spending spree

Two men who were hired by a female gold dealer to conduct repairs to her house at Mahaica, East Coast Demerara, stumbled on 1,000 ounces of raw gold worth $400M, stole it and then went on a spending spree.

The incident occurred sometime between December 2021 and January 2022 but was only reported to the police on Friday last.

On Tuesday, the contractor 49-year -old Bhaloonauth Seegobin called ‘Krishna’ and construction worker, 24-year-old Satrohan Seegobin called ‘Richie’, both of Farm, East Bank Demerara were arrested and charged for the massive gold heist.

The duo made their appearance at the Cove and John Magistrate’s Court before Magistrate Fabayo Azore.

Bhaloonauth pleaded not guilty and was remanded to prison until November 01, 2022. The matter was transferred to the Mahaica Magistrate Court.

Meanwhile, the younger Seegobin pleaded guilty and was sentenced to four years imprisonment.

Police Headquarters reported that the female gold dealer accumulated the raw gold over the years and concealed them at a location within the confines of her home.

After stealing the gold, police said the suspects went on a spending spree.

Police earlier reported that two subordinate police officers are among several who are in police custody in relation to the gold heist.

It was also revealed that investigators were able to recover three motor vehicles (2 cars and 1 canter) used in the robbery as well as a quantity of raw gold.