Real estate director accused of $26M house, land fraud granted bail

Mohammed Shaheed, a 56-year-old real estate director who lives at Patentia, West Bank Demerara, was on Friday arraigned before Senior Magistrate Leron Daly at the Georgetown Magistrates’ Courts on charges of receiving money under false pretenses.
The father of five is accused of deceiving Terrence Sobers into giving him $26 million between April 15, 2021 and July 25, 2023 by pretending to be in a position to purchase land and build houses. Sums of money were handed over at SMS Realty and Development at Albert Street in Alberttown, Georgetown, where Shaheed is a director.
Represented by Attorney-at-Law Dexter Todd, Shaheed denied the allegation, and Todd told the court his client is a director of SMS Realty and Development, and that a development and property acquisition agreement exists between Raydan Housing Development and SMS Realty and Development. Further, Todd asserted that the $26 million was paid to SMS Realty and Development, and not to his client.
The Police prosecutor, however, disclosed that Shaheed did collect the money; and although he did not object to the defendant being released on bail, he requested that it should be in a large amount.
Shaheed has been placed on bail in the sum of $500,000, and is scheduled to reappear in court later this month.