Just weeks before her arrest in connection with a $24 million illegal gambling scheme, a St. Augustine woman was found with more than $340,000 in cash during a traffic stop in St. Johns County, raising suspicions that she was preparing to flee the country, records show.
Rima Ray, 44, is accused of running an illegal casino operation under the cover of the IL Villagio Senior Entertainment Center in Lady Lake. Prosecutors allege the business, which was disguised as a social club, catered to seniors and operated like a casino, complete with slot machines and a daily take of $70,000 in unreported income.
Despite her alleged role as CEO of the multimillion-dollar enterprise, Ray lived in a modest single-story home on Menendez Road in St. Augustine. Property records show Ray purchased the house in 2019 for $330,000.
The investigation began in early 2025 after complaints from citizens described IL Villagio as a “mini-Hard Rock Casino.” Undercover agents later confirmed the location was operating without a license and was using slot machines to rake in money.
On July 1, a subpoena revealed Ray had been paying IL Villagio’s utility bill with her personal American Express card, which she paid off using funds from a corporate bank account tied to her company, American Conglomerate LLC. Payments had stopped in March, leaving an outstanding balance of $12,000. Investigators also discovered that several of Ray’s bank accounts had recently been closed due to suspicious activity.
The next day, a detective visited her St. Augustine home and found no vehicles in the driveway. Surveillance technology later showed her vehicle had left the area and was returning via Highway 40. Deputies initiated a stop in St. Johns County after observing a traffic violation, according to court documents reviewed by The Citizen.
Ray appeared visibly nervous during the stop, breathing heavily and avoiding eye contact. She repeatedly glanced at a large black backpack on the passenger seat. After giving consent to search the vehicle, deputies found $340,872 in cash inside the bag, along with a flash drive, a notebook with handwritten banking details, and a gold-colored bar believed to weigh one kilogram.
The flustered suspect gave conflicting stories about the money’s origin, first claiming it was from the sale of a casino in Belize, then saying it came from her Florida-based liquidation company. Deputies seized the money and released her pending further investigation.
Authorities later learned that Ray holds business interests in Belize and had attempted to wire $2 million to an entity there after the Florida investigation had begun but before her arrest.
On July 15, officers executed a search warrant at IL Villagio, seizing 190 slot machines and $348,221 in cash. Ray was arrested on July 21 and charged with racketeering (a life felony), three counts of first-degree felony money laundering, and additional charges related to illegal gambling.
Two other individuals connected to the operation—a business manager and an assistant manager—were arrested on September 18. They face the same charges and are believed to have helped facilitate the day-to-day operations of the gambling house.
Investigators allege that between January 2023 and July 2025, more than $24 million flowed through shell companies and other entities tied to Ray’s organization.
According to local news reports, Ray also once owned illegal internet cafes in Duval County that were shut down in 2019.
The investigation remains ongoing.
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