Notice served to ex-insurance manager involved in $40M fraud

Jun 26, 2019 News

Police Prosecutor Shellon Daniels has indicated to the court that a notice to attend court was issued at the last known address of Zameel Shaheed, who is accused of defrauding Demerara Mutual Life Assurance of over $40M.
The former employee of the company who at the time was an insurance manager was slapped with 45 fraud related charges. His matter is before Principal Magistrate Sherdel Isaacs-Marcus in the Georgetown Magistrates’ Courts.
Previously when the matter was brought before the courts the defendant failed to make an appearance. The investigating rank had told the magistrate that Shaheed is currently in the United States.
This was the same outcome when the matter was recently called.
Documents were brought and tendered to the court which indicated that a relative at Shaheed’s last known address received the notice. The matter was then adjourned until August 5, next.
According to information, Shaheed, 40, was the manager of the Claims Department at Demerara Mutual Life Assurance. During the period 2013-2017, he allegedly authorized transactions amounting in excess of $40M to 16 persons who are not entitled to claims.
He then collected the monies for his own use and benefit. It was only recently that an audit was conducted and it was revealed that Shaheed took in excess of $40M for his own use and benefits.
The matter was then reported and an investigation was carried out and charges were instituted.
It was reported that Shaheed sent in his resignation while overseas.

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