Businessman slapped with $14.5M fraud charge

May 06, 2017 Court Stories, Features / Columnists, News

A businessman was on Thursday placed on $700,000 bail after he appeared in the Georgetown Magistrates’ Courts to answer to seven counts of fraud related charges.

Released on bail: Iqwas Arkhan

Iqwas Arkhan, 28, of Lot 222 Eccles, East Bank Demerara, who is the proprietor of a spare parts store, pleaded not guilty to seven charges of obtaining money by false pretence.
The businessman appeared before Chief Magistrate Ann McLennan in the Georgetown Magistrates’ Court.
It is alleged that on November 2, 2015 at Eccles, East Bank Demerara, he obtained credit by means of uttering several Bank of Nova Scotia cheques in the sum of $14.5M to Faruk Yusuf knowing that he did not have the said sum to satisfy the amounts.
The cheques issues were dated on April 31, 2015 for $2M; May 30, 2015 for $2M; June 30 for $2 M; July 31, 2015 for $2 M; August 31, 2015 for $2M; September 30, 2015 for $2.5 M; and October 31 for $2M, knowing that he did not have the said sum to satisfy the said payments.
Arkhan was represented by Attorney-at-Law Sonia Parag who in her application to secure bail for her client told the court that her client has no previous charge and has never been convicted.
The attorney further stated that her client was arrested at his home on May 2, last, and that she is prepared to challenge the matter vigorously in the High Court.
Parag further lamented that her client has fully cooperated with the police investigation.
Police Prosecutor Arvin Moore had no objection to bail being granted to the defendant but asked that conditions be attached.
The condition attached to the bail is that the defendant lodges his passport at the Georgetown Magistrates’ Court Registry until the completion of the trial.
He will make his next court appearance on May 12, next.

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