New York doctor claims he doesn’t know investing money with Ed Ahmad is illegal

Feb 05, 2025 News

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…as land sale scandal deepens

Kaieteur News- In an attempt to clear his name of allegations of fraud, money laundering and controversial acquisition of prime lands in Guyana, New York-based Guyanese Dr. Phillip Baldeo has claimed that he did not know investing money with convicted US-based fraudster, Ed Ahmad for real estate purpose is illegal.

Baldeo’s land transactions came to light amid revelations that the Chief Executive Officer of the Central Housing and Planning Authority, Sherwyn Greaves had allegedly facilitated the sale of prime lands to him and others at below market value. The scandal has since caused Greaves to resign from the entity with immediate effect, stating that social media commentaries on the issue have affected his mental health and family.

Ahmad was convicted in the US for Mortgage Fraud. In 2017, he was sentenced to two years in jail. On his release, the convicted businessman was under five years of supervised release, with special conditions imposed including an order not to work in the mortgage (real estate) industry.

When confronted with this information during a recent interview with journalist Travis Chase, Dr. Baldeo claimed that he was not aware of this.

Chase enquired whether Dr. Baldeo was aware that Ed Ahmad was convicted in the US for fraud, by way of his release, was ordered by the court certain conditions one of which is to stay away from real estate.

“And if you are investing in a company which is Ed Ahmad’s business or vice versa and he has dirty money, doesn’t that make your money dirty as well?” Chase proffered.

After silently nodding in agreement, the medical doctor who described himself as a real estate investor replied, “Chase you don’t know how happy I am that you are giving me facts I didn’t know about but I will ask my attorney.”

Dr. Baldeo suggested too that if it is found that his investment with a company associated with Ahmad becomes the subject of moral, ethical and legal questions, “I will withdraw my funds as fast as I can.”

He however explained that he and Ahmad have known each other for years and are friends but he is not aware that the source of Ahmad’s funds may be questionable.  “Do you have any lands at Ogle?” asked Chase. “Personally, in my name no, I don’t own lands at Ogle personally…,” retorted Dr. Baldeo. “You are in business with someone who has lands at Ogle?” Chase continued.  “Yes I can say…” Dr. Baldeo started to say before Chase interjected. “Thirty acres perhaps…?” the reporter asked to which Dr. Baldeo replied I don’t know; I have never measured but I think it’s about that size.” Dr. Baldeo sought to clarify that he was not in business with Ahmad, but rather a company the convict was part of. Describing himself as a patriot, Baldeo said that his only aim is to invest in his homeland to bring about employment and economic activities to help lift his Guyanese brothers and sisters out of poverty.

He insisted that he legitimately acquired lands at Providence, East Bank Demerara and two properties at Heroes Highway through his two real estate firms, Luxury Investments which was later incorporated as Luxury Realty Inc. and Hari Development Inc.

Questioned by what means he obtained the land along the Heroes Highway, the developer said that he bought it from someone with a Limited Liability Company (LLC). He said however, he is clueless as to how the individual obtained the land, which he bought. “I guess they are owned by the CHPA or the sugar workers,” he said.

The businessman claimed that he has been investing in Guyana’s real estate market since 2013. “Let me explain to you that since 1994, I’m a practising physician in New York City…In addition to that, in 2013, I bought 30 acres of land from CHPA at the price in which it was fair market value,” Dr. Baldeo said.

He continued, “I paid over USD $2.8M for acquisition or about that including attorney fees and closing cost and I spent another USD$2M developing that piece of land. During the intergovernmental changes, the price for property decreased. I thought I may very well end up losing my loans from the bank in the United States to purchase those lands but I still continued to develop it because I think I owed the persons that I did the best job that I can…”  Baldeo asserted that he is a patriotic Guyanese and has invested here not since PPP came to power but also under the last administration.

The real estate developer explained that he doubled down on his investment in the country following the call by President Irfaan Ali for Guyanese to come home and invest. Questioned about the source of his investment funds, the doctor said that all of the monies generated to buy and develop the lands came from his pockets. “I purchased the lands from my monies in the United States, wire-transferred monies to this country. I provided the development of lands, drains, roads and provided employment for thousands of Guyanese and all came from my pocket…”

Asked whether he knows when his company Luxury Investment was incorporated, the businessman said that he prefers his attorney provides the information. As the owner of the company, Dr. Baldeo admitted that he is supposed to be privy to some of that information but noted that he prefers not to talk off the top of his head. “I would love to wait until I have the facts and share them with you sir,” he told Chase.

In response to whether he would be willing to subject himself to a lie detector test by the FBI specifically about his funds and other source of income and his ties to Ed Ahmad, the businessman deflected stating he would only do so if the reporter is willing to undergo a similar test.

(New York doctor claims he doesn’t know investing money with Ed Ahmad is illegal)

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• CHPA, Ed Ahmad, fraud, investment, money laundering, properties, real Estate

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