Businessman charged with $30M fraud

Dec 19, 2024 News

Kaieteur News- A 51-year-old businessman, on Wednesday, appeared before the Georgetown Magistrates’ Court on a charge of obtaining money by false pretence.

Irshad Ramzan, of Lot 23 Public Road, Eccles, East Bank Demerara, is accused of defrauding Churuman Harnandan out of $30 million on February 5, 2024, at Croal Street, Stabroek, Georgetown.

The charge alleges that Ramzan obtained the money from Harnandan with the intent to defraud him, by falsely promising to repay the sum in three instalments: $15 million on April 5, 2024; $5 million on June 5, 2024; and $10 million on August 5, 2024. However, it is claimed that Ramzan failed to make any of the agreed payments.

During the court session, Acting Chief Magistrate Faith McGusty read the charge to Ramzan, who was not required to enter a plea at this stage. Private prosecutor Juman Yassin informed the court that both parties had signed an agreement in which Harnandan provided the $30 million to Ramzan to secure a barge. Yassin explained, “He subsequently told the informant that he can’t get the barge and in order to repay the $30 million, he entered into an agreement to pay back the money in instalments. He has not done so.”

Ramzan’s defence attorney, Konyo Saniford-Holder, raised concerns about the charge, arguing that it was not properly drafted. “This charge, in my opinion, appears to be erroneous in terms of the particulars stated in this offence because it seems to suggest that it is obtaining money by false pretence, but it just cites the repayment dates and amounts,” Saniford-Holder said. “It does not address the initial contract that was breached, and it appears as though my client is not denying that a contract was breached—this is a civil matter.”

Saniford-Holder also applied for bail, emphasising that Ramzan is a father of two and the sole provider for his family. She mentioned that Ramzan operates a logistics company, Progressive Initiative, and argued that the money would be repaid by the time the trial begins. She also asserted that her client is not a flight risk and has no previous offences. After considering both arguments, Magistrate McGusty granted Ramzan bail in the amount of $250,000. He is scheduled to return to court on January 22, 2025, for clarification of the charge and to file statements.

(Businessman charged with $30M fraud)

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Businessman charged with $30M fraud

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