Alleged Ponzi schemer slapped with 17 fraud charges

Jun 13, 2023 Court Stories, Features / Columnists, News

…accused of falsely obtaining $288M

Kaieteur News – Phylicia Jallim, a former Branch Manager of North American Fire and General Insurance Company (NAFICO), has been fingered in an alleged Ponzi scheme involving $288.8 million.

Jallim of 22 Welcome Street, Rosignol, West Bank Berbice (WBB) and 103 Thomas Street Kitty, Georgetown, was slapped with 16 counts of obtaining $283 million by false pretense and one count of fraudulent misappropriation amounting to $5.8 million.

Charged: Phylicia Jallim

The charges were laid by the Special Organised Crime Unit (SOCU) on Monday, an arm of the Guyana Police Force (GPF). Jallim made her first court appearance at the Blairmont Magistrates’ Court before Magistrate Peter Hugh.

The accused was without legal representation. The 16 indictable charges were read to her as well as the other charge. The police prosecutor objected to bail being granted.

However, Jallim was placed on $1.7 million bail and the matter was adjourned to June 19, 2023 for statements in one matter. According to both the Guyana Police Force (GPF) in December 2022, a number of persons reported to SOCU that the accused was operating a Ponzi scheme.

Investigations revealed that Jallim cunningly deceived victims into believing that she is the Chief Executive Officer (CEO) of Dream Chasers, a legal investment where she borrows money from investors and lends the money to government contractors and farmers who are having financial problems. The woman allegedly informed the victims that she would pay them 5 to 20 percent interest weekly on their capital invested.

Reports are that between July 2022 and November 2022, 16 victims from Berbice invested their monies with her but never received any money as per her agreement with them. It was stated that Jallim never returned their capital and the company ‘Dream Chasers’ investment never existed. Also, the farmers and contractors’ names she mentioned to the victims as her ‘clients’ denied doing any business with her.

Moreover, investigations also revealed that the accused was a member of the New Light Assembly of God Church Located at No. 4 Village, West Coast Berbice (WCB) and was entrusted with the safe custody and control of the Congregation’s Penny Bank Account.

She converted the amount of $5.8 million of the Church’s Penny Bank money to her own use and benefit. The SOCU is currently conducting a number of other investigations of similar nature against her.