Major law-enforcement operation targets properties linked to SSL probe

A major coordinated law-enforcement operation is under way across Jamaica, with security forces conducting early-morning search-and-seizure raids at four locations linked to the long-running investigation into the collapse of investment firm Stocks and Securities Limited (SSL).

The operation, which began Saturday, is targeting three premises in St Andrew and one in St James and forms part of renewed efforts to advance the probe into an alleged multibillion-dollar fraud that first came to light in January 2023.

The joint action is being carried out by the Financial Investigations Division (FID), the Constabulary Financial Unit (CFU), and the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC) of the Jamaica Constabulary Force, with support from the Major Organised Crime and Anti-Corruption Agency (MOCA).

In a statement issued shortly after 5 a.m., authorities confirmed that the searches were active and urged members of the public to remain calm and avoid operational areas to allow the exercise to proceed safely and without disruption.

As part of the operation, Hugh Croskery, founder and former principal of SSL, was observed leaving a St Andrew residence on Wickham Avenue with police officers, according to a report from the Jamaica Gleaner. He was seen holding a bag containing documents while speaking with investigators, as a pickup truck on the property was also searched. Shortly after 7 a.m., Croskery was escorted into a police vehicle and driven away. Police sources indicated that he is expected to be questioned later Saturday.

Croskery has previously denied any involvement in the alleged fraud. Following the emergence of the scandal in early 2023, he resigned as a director of SSL and its parent company, SSL Growth Barbados, stating at the time that his resignation was intended to demonstrate his cooperation with ongoing investigations by the Financial Services Commission (FSC), the regulator for investment houses in Jamaica.

Officers on the scene declined to comment, and Croskery’s attorney, King’s Counsel Peter Champagnie, also declined to provide comment when contacted.

To date, the only person formally charged in the matter is former SSL employee Jean-Ann Panton, who was charged with multiple offences in February 2023. In December that year, the FID submitted a case file to the Office of the Director of Public Prosecutions, indicating the possibility of additional charges. However, the Director of Public Prosecutions has since said that outstanding issues have delayed the assessment of the file.

Investigators have reported that more than 200 client accounts were affected by the alleged fraud, involving losses exceeding US$30 million. Among the impacted clients is Welljen Limited, a company owned by Jamaican sprint legend Usain Bolt.

Saturday’s operation marks the most visible and significant law-enforcement escalation in the SSL investigation in more than a year. Authorities said further updates are expected as the operation continues.