Eccles businessman gets $250,000 on $20M fraud charge

A 51-year-old businessman was on Wednesday arraigned with obtaining money by false pretense when appeared before acting Chief Magistrate, Faith McGusty at the Georgetown Magistrates’ Courts.
Irshad Ramzan of Public Road, Eccles, East Bank Demerara (EBD) who was not required to plea to the indictment is accused of defrauding Churuman Harnandan of $30 million. Police stated that Ramzan falsely promised to repay the sum in three instalments but failed to do so.
The alleged incident occurred on February 5, at Croal Street, Stabroek, Georgetown.
Private prosecutor Juman Yassin informed the court that both parties had signed an agreement in which Harnandan provided the money to secure a barge. Yassin further highlighted that Ramzan has a prior conviction for a similar offence, for which he served a seven-year prison sentence.
However, Attorney-at-law Konyo Sandiford-Holder, representing Ramzan, argued that the charge was improperly drafted.
She claimed that the charge failed to clearly outline the alleged offence and suggested the case had been improperly converted from a civil matter to a criminal one. Sandiford-Holder also applied for bail, emphasizing that her client is a father of two, the sole provider for his family, and operates Progressive Initiative Logistics Company.
She assured the court that the sum would be repaid before the trial commenced and argued that Ramzan posed no flight risk, as he had no previous offences.
After considering the submissions from both sides, Magistrate McGusty granted $250,000 bail to Ramzan and he is expected to return to court on January 22, 2025.