Police holding pastor's millions given two-week extension

Police investigating the source of funds garnered by Pastor Vinworth Dayal were granted a two-week extension to withhold some $29 million they seized during the 2019 demonetisation of the old $100 bill.

Prosecutors asked for the extension at a virtual court hearing on Friday, saying a file on the case is in the hands of the Director of Public Prosecutions (DPP) and investigators are awaiting his response.

The matter was adjourned to February 10.

On December 31, 2019 – the final day of the two-week demonetisation exercise – Dayal, head of the Third Exodus Assembly Church in Longdenville Chaguanas, showed up at the Central Bank with 29 copy-paper boxes, each containing $1 million in $100 bills. He wanted to exchange them for the new polymer bills.

He said they came from tithes donated to his church.

Financial Intelligence Unit officers seized the money. Dayal was not arrested but was made to account for the source of the funds.

About a week later, an additional $2.6million was seized from his home in Gulf View.

This time the bills were in $20, $10, $5 and $1 denominations.

Under the Proceeds of Crime Act, police are allowed to withhold any cash that is suspected of being accrued through illegal means, for a maximum of three months. After that, they must go to the courts for an extension.

The proceeds are held in an interest-accruing account. If it is found that no crime is committed the full amount is returned to the owner.