Fuel distributor on fraud charges granted $3M bail
A 58-year-old Regent Street, Bourda, resident is currently on $3M bail after being charged with misappropriating over $15M gained from the sale of fuel.
Shakad Khan appeared at the Georgetown Magistrates’ Court yesterday and was charged with two counts of fraudulent conversion and one count of embezzlement by servant or clerk.
According to charges read by Acting Chief Magistrate, Priya Sewnarine-Beharry, between February 16 and May 31 at Port Kaituma, North West District, the accused embezzled monies belonging to Zaheer Khan, Kevin Richie and Lallchand Jaisingh.
According to the police, Shakad Khan is a representative for Lallchand Jaisingh’s company which distributes fuel for sale. It is alleged that Jaisingh had given the defendant over $6M worth of fuel to sell but received no funds.
The police said that Khan was supposed to sell the fuel, take a percentage of the money for himself and return the remaining cash.
Kevin Richie and Zaheer Khan reportedly gave the defendant $5.2M and $3.4M respectively for the distribution of fuel on their behalf. Again Khan was expected to take a percentage of the proceeds and return the remaining cash. The defendant, however, failed to do so and was charged with the offences.
Khan was not required to plead to the charge.
The defendant, however, argued that the matter involved over $300M worth of smuggled fuel. He was instructed to ventilate the issue during his trial. Khan was then placed on $1M bail for each of the three charges.
The matter will be called again at the Matthew’s Ridge Magistrate’s Court on November 6.