SHOCKING: 25-year-old Jamaican businessman charged for bank fraud of over $96M

Jamaica: A young businessman identified as 25-year-old Jerhoden Hinds is charged under a bank fraud scheme of over $96 million (US$600,000) from a local bank in Jamaica. 

According to the authorities handling the case, criminal charges have been put in place against him for allegedly using a “sophisticated” fraud scheme against a local financial bank. 

Authorities have alleged that between November 13 and December 28, 2022, Hinds and his co-conspirators have manipulated a POS (point of sales) terminal issued by that particular bank to conduct unauthorized offline transactions.   

As per the reports, he was arrested in his house at St. Catherine, Old Harbour, Jamaica. The police authorities after issuing a warrant went to his house on Monday in the early morning. 

Jerhoden Hinds is the possessor of the original 24K Klothing Company Limited, along with his accomplices used a point-of-sale terminal issued by the bank for legitimate business purposes, which were intentionally placed through offline mode to exploit the system and commit the fraud, stated the FID. 

As reported by the FID, they bypassed the bank’s real time authorisation system, the bank unknowingly issued advance funds to his bank account which were depleted through withdrawals and transfers in a short time after the money was credited. 

Apart from this information, the raid that was performed at Hinds residence executing investigators seized five cell phones belonging to him, his spouse and his brother, along with two locked safes and cash totalling the amount of $1,967,350. 

The raid included members from Jamaica Constabulary Force’s (JCF), Constabulary Financial Unit (CFU) and Special Operations Unit of the Counter Terrorism and Organised Crime Investigation Branch (CTOC). 

Hinds was charged under acts of Simple Larceny; Conspiracy to Defraud; Possession of Criminal Property and engaging in a transaction involving Criminal Property. But later granted bail in the amount of $400,000 with one surety. 

He is scheduled to appear before the Kingston and St. Andrew Parish Court on June 10, 2025.