A GOLD miner accused of defrauding his friend of over $10M in jewellery was released on $150,000 bail by Chief Magistrate Ann McLennan on Wednesday.
Annirood Persaud, 55, of Eccles, East Bank Demerara pleaded not guilty to a charge of fraudulent conversion, which alleged that between August 1, 2016 and February 17, 2017 at Eccles, being solely entrusted by David Sugrim with a pearl set, a gallihar set and two pairs of platinum earrings with diamonds,all valued at $10,300,000, he fraudulently converted some of the items to his own use and benefit. Persaud was given the jewellery to keep for a period of time and was supposed to return it to Sugrim.
In his bail application, Attorney Bernard DaSilva told the court that his client and the virtual complainant are business partners;however they had a misunderstanding. According to the lawyer, the allegation arose against his client when Sugrim was unable to pay money owed and the two business partners reached an agreement to pawn several pieces of jewellery and to share in its interests. However,Sugrim then alleged that Persaud had taken the proceeds.
Police Prosecutor, Inspector Arwyn Moore made no objection to bail since some of the jewellery were returned by the defendant. Bail was granted and the matter was adjourned to April 20, 2017.