Police seeking extradition of wanted former insurance manager

$40M insurance fraud

Local Police are moving ahead to seek the extradition of Zameel Shaheed, a former manager at Demerara Mutual Life Assurance Society Limited, who is accused of defrauding the insurance company of over $40 million.
In August 2019, the Director of Public Prosecutions (DPP) had advised that extradition proceedings be initiated for him to be brought here to face the charges. In March 2019, Shaheed, who has reportedly fled to the United States of America, was slapped with 45 fraud charges.
However, Police were unable to locate him and those charges filed before Principal Magistrate Sherdel Isaacs-Marcus were withdrawn. The charges have now been reinstituted, this time before Chief Magistrate Ann McLennan.
On Friday, the Police Prosecutor informed the court that new information has surfaced about the fugitive’s whereabouts, and as such the process to initiate his extradition to Guyana will commence.
Shaheed, who had resided locally at Ocean View, Uitvlugt, West Coast Demerara, is accused of defrauding the insurance company of over $40 million. He had failed to show up in the Georgetown Magistrates’ Courts several times to answer to the charges. As such a warrant was issued for his arrest.
It was reported that Shaheed was the manager of the Claims Department at Demerara Mutual Life Assurance. Between 2013 and 2017, it is alleged that he authorised transactions amounting to more than $40 million to 16 persons who were not entitled to claims. It is alleged that Shaheed, however, collected the monies for his own use and benefit.
The matter was reported and an investigation was conducted after which the charges were instituted. Following an audit, Shaheed reportedly submitted his resignation while overseas.
In 2019, the Demerara Mutual Life Assurance Society Limited filed a lawsuit against Shaheed in which it was seeking $40,500,000 being the total value of fictitious insurance claims which were allegedly fraudulently approved by him and consequently paid by the company to persons with no legitimate health insurance claims.
At that time, the High Court had granted an interim freezing order, restraining him from removing his assets from Guyana until the hearing and determination of the lawsuit, in the event the court rules in favour of the insurance company. (G1)