Court awards millions to ANSA Bank in fraudulent loan case

The High Court has ordered more than $40 million to be paid to ANSA Bank Ltd after finding that a former bank employee and several car dealerships conspired to defraud the financial institution through a scheme involving fraudulent vehicle loans.

In a detailed ruling, Justice Frank Seepersad held that former ANSA Bank officer Dwayne Rojas breached his fiduciary and contractual duties by approving loans based on fake job letters, falsified supporting documents and misrepresented vehicles. Rojas was ordered to repay $16.5 million to the bank.

The court also entered judgment against five companies found to have participated in the scheme, ordering them to pay ANSA Bank varying sums, inclusive of interest. The companies and amounts awarded are:
• Ceylon Marketing Ltd — $6,298,314.67
• Joalex Auto Ltd — $11,837,735.80
• Miva Import Export Consultancy Ltd — $4,091,206.49
• Diamond Conceptions Company Ltd — $389,923.79
• It’s A Deal Ltd — $837,313.37

In total, the awards exceed $40 million.

However, while finding in favour of the bank on the central issues, Justice Seepersad strongly criticised ANSA Bank for its conduct during the litigation. He noted that the bank had pursued junior employees without sufficient evidence and described this approach as unjustified. As a result, the court ordered ANSA Bank to pay nearly $900,000 in legal costs to defendants who were wrongly sued.

In addition to the civil findings, Justice Seepersad referred the matter to the Director of Public Prosecutions and the Commissioner of Police for consideration of possible criminal charges arising out of the fraudulent conduct. He also directed that the case be brought to the attention of the Minister of Trade for a review of the dealership licences of the companies involved.

The ruling underscores the court’s intolerance for fraud within financial institutions, while also serving as a caution to corporate entities about the need for fairness and proper evidence when initiating legal action against employees.