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DPP calls for extradition of ex-insurance manager involved in $40M fraud

Aug 07, 2019 News

Based on advice from the Director of Public Prosecution (DPP), the court has granted a three- month period to the police to be able to get Zameel Shaheed, who is accused of defrauding Demerara Mutual Life Assurance of over $40M, before the courts.
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.
On three previous occasions when the matter was called the defendant was not present in court to answer to his charges. Although a notice and arrest warrant were made for Shaheed he still did not appear.
The investigating rank would have indicated that family members of the defendant highlighted that Shaheed is currently in the United States.
Police Prosecutor Shellon Daniels informed the court that based on advice from the DPP they are moving towards having Shaheed extradited to Guyana to face his charges.
She asked that the court grant more time to the prosecution so that on the next occasion they can report on extradition proceedings. The matter was then adjourned until November 8, 2019 for report.
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 from overseas.

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