Ex-insurance manager allegedly flees with $40M, arrest warrant issued

Mar 26, 2019 News

An arrest warrant has been issued for the former insurance manager of Demerara Mutual Life Assurance, Zaheel Shaheed, yesterday, by a city magistrate where 45 fraud related charges are waiting in court for him to answer. These charges have been there for two months.
The charges against 40-year-old Shaheed who tendered a resignation while overseas, in the United States of America (USA), was instituted after the company discovered discrepancies in several transactions involving the ex-employee.
The matter is currently before Principal Magistrate Sherdel Isaacs-Marcus in the Georgetown Magistrates’ Courts and is prosecuted by police prosecutor Shellon Daniels.
Shaheed’s matter was called on two occasions before the recent hearing. On both occasions the magistrate was informed that the accused is currently overseas.
A court summons was prepared and served for Shaheed however, yesterday, after his name was called thrice by the court orderly. He was once more a no-show for the hearing. As such the prosecutor asked that an arrest warrant be issued for the defendant.
The investigating rank told the court that when the summons was served at the last known address for Shaheed, a close relative informed him that the accused is reportedly in the United States of America (USA).
An immigration officer also informed the court that a search of their records show that Shaheed left Guyana in June 2017 and has since not returned.
After listening to the presentations by Principal Magistrate, Sherdel Isaacs-Marcus issued an arrest warrant for the defendant to appear in court on April 29, next.
Shaheed was an insurance manager at Demerara Mutual Life Assurance, working in the Claims Department. During the period 2013-2017, he allegedly authorized transactions amounting to in excess of $40M.
These transactions were reportedly given to 16 persons who are not entitled to claims. However, after issuing the claims, Shaheed collected the money and converted it to his own use and benefit.
It was only recently that an audit was conducted by the company and it was revealed that Shaheed took in excess of $40M for his own use and benefit. The matter was then reported to the police and an investigation was carried out, hence charges were made out.

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Ex-insurance manager allegedly flees with $40M, arrest warrant issued

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