“Auto dealer” charged with fraudulent conversion of over $22M

A 27-year-old businessman was taken before the court on Friday with fraudulent conversion after allegedly converting more than $22 million for his own use.
Jason Stephaney of Greenheart Street, South Ruimveldt, Georgetown, appeared at the Georgetown Magistrates’ Courts before acting Chief Magistrate Faith McGusty, where he was accused of fraudulently converting $22 million that he had received from Darshun Mohabir. The charge alleged that between June 1 and June 30, 2025, at Georgetown, Stephaney converted the sum of $22 million, which had been entrusted to him by Mohabir. He pleaded not guilty to the charge.
During bail submissions, Attorney-at-Law Eden Corbin, who represented the defendant, told the court that the sum of money was given to his client as a loan to offset debts and was based on a verbal agreement between the parties. He stressed that there was no written agreement governing the transaction. Corbin further explained that his client had already repaid approximately 85 per cent of the money and had been making arrangements to settle the remaining balance. However, he said issues later arose between the parties, including the introduction of another agreement and related actions, which led his client to halt further payments.

The attorney also told the court that Stephaney is a businessman with no prior run-ins with the law, is considered a role model within his community and is not a flight risk. He therefore requested that bail be granted in a reasonable sum. However, when the Magistrate questioned the address provided by the accused, it was revealed that the address initially given was his business address, which is in Subryanville, Georgetown, and not his place of residence. The Magistrate cautioned that the court was “not here to play games” and instructed that a correct address be provided. Stephaney subsequently gave his address as Greenheart Street, South Ruimveldt, Georgetown. The prosecution raised no objection to bail but disputed the defence’s claim that the transaction was a loan.
Prosecutors stated that Stephaney, an auto dealer, was given the money to import a vehicle for Mohabir, which has not been delivered to date. When questioned by the court, Mohabir confirmed that some repayments were made. He stated that while $22 million was paid over initially, an outstanding balance of $11,510,000 remains unpaid.
The Magistrate instructed the prosecution to clarify the financial details surrounding the repayment, and the man was granted $300,000 bail. The matter was adjourned to February 13.