In a landmark ruling with significant implications for Trinidad and Tobago’s financial sector, the High Court has mandated over $40 million in damages, interest, and costs be paid to Ansa Bank Ltd following a sophisticated fraudulent loan scheme. Justice Frank Seepersad delivered the decisive judgment on December 15, culminating a complex case that exposed critical vulnerabilities in banking oversight.
The court found former business development officer Dwayne Rojas at the heart of an elaborate conspiracy that defrauded the institution of approximately $30 million over two and a half years. Evidence revealed Rojas systematically processed fraudulent vehicle loan applications supported by fabricated employment letters and falsified documentation. The scheme involved collusion with multiple auto dealerships that presented non-existent luxury vehicles as collateral, including purported Lexus, Range Rover, BMW, and Jeep models that were actually lower-end vehicles or commercial trucks.
Justice Seepersad ordered Rojas to pay $16.5 million in damages, while five corporate defendants faced substantial judgments: Ceylon Marketing Ltd ($6.3 million), Joalex Auto Ltd ($11.8 million), Miva Import Export Consultancy Ltd ($4.1 million), Diamond Conceptions Company Ltd ($389,923), and It’s A Deal Ltd ($837,313). Each entity additionally faces prescribed costs ranging from $27,221 to $131,934.
In scathing commentary, Justice Seepersad criticized Ansa Bank’s internal controls as “woefully wanting” and condemned the institution’s approach to litigation against junior employees. The judge dismissed claims against several former staff members—Zaria Sankar, Reyvaan Rampersad, and Kerry Ramsaroop—finding no evidence of wrongdoing. The court awarded these wrongfully sued defendants over $896,000 in costs, noting that the bank had engaged in an “ill-advised” and “bullying stance” that unfairly impacted innocent individuals.
The ruling highlighted that senior officers who approved the questionable loans were neither sued nor called as witnesses, raising questions about accountability structures within the institution. Justice Seepersad revealed the fraud was only uncovered after a whistleblower contacted a former bank director in June 2023.
In a significant development, the judgment has been referred to the Director of Public Prosecutions and Commissioner of Police for potential criminal proceedings against Rojas, former employee Randy Gottsleben, and the implicated dealers. Additionally, the Minister of Trade, Industry and Tourism will review whether the involved dealerships should retain their operating licenses.
The case exposed numerous red flags ignored by the bank, including loan applications where driver’s permits were issued to 14-year-olds and employment letters containing glaring inconsistencies. Justice Seepersad characterized Rojas’s conduct as pursuing a “facinorous and opportunistic agenda,” noting evidence of regular socialization with dealership representatives that supported collusion findings.