A BARTICA businessman accused of fraudulently converting $120million loaned him to purchase gold, was on Wednesday remanded to prison by city magistrate Ann McLennan at the Georgetown Magistrates’ Court.Eon Figueroa pleaded not guilty to the charge which alleged that between Monday, June 22 and Sunday,June28,2015 at Bartica, he being solely entrusted with $120M by Nazar Mohamed, owner of Mohamed’s Enterprise, to purchase gold and return the proceeds, converted the said sum to his own use and benefit.
The matter was privately prosecuted by attorney at law Latchmie Rahamat, via means of a “Fiat,” rather than a state prosecutor assigned by the director of public prosecutions (DPP).
The prosecutor stated that the defendant is a business partner with Mohamed and was given a large sum of money to purchase gold, make other investments and return the money. However, when the virtual complainant went to uplift the cash it was discovered missing, hence the charge.
Rahamat further disclosed that Figueroa is currently being investigated by the police for a similar matter, whereby he is accused of fraudulently converting $60,000 from a man.
In light of him being currently fingered in another criminal matter, the prosecutor objected to bail on the ground that the businessman poses as a flight risk,and because of the quantum of money involved, he may not return to stand trial.
However, Figueroa’s lawyer, in his request for his client to be released on reasonable bail challenged the prosecutor to produce the bank statement purporting to show the alleged claims.
The magistrate in her address told the lawyer that she was aware of the alleged claims and investigation that were highlighted, and bail was therefore refused.
The businessman was remanded to prison until Wednesday, July 8,2015, and will make his next appearance at the Bartica Magistrates Court.