A SPARE parts dealer accused of swindling almost $15M from a businessman, appeared at the Georgetown Magistrate’s Court on Thursday, charged with seven counts of fraud.

Iqwas Arakhan, 28, of Eccles, East Bank Demerara appeared before Chief Magistrate Ann McLennan and pleaded not guilty to all the charges; he is being represented by Sonia Parag.

The court heard that he obtained a total of $14.5M from Farouk Yussuf between May 2016 and October 2016 by uttering Scotiabank cheques knowing that he did not have the said money in his account.

On November 2, 2015 at Eccles, Arakhan issued the cheques to Yussuf but it later bounced when transacted in 2016.

The charges alleged that the cheques were given to Yussuf by Arakhan on: September 30, 2015 for the sum of $2.5M; May 31, 2016 for the sum of $2M; April 30, 2016 for the sum of $2M; June 30, 2016 for the sum of $2M; July 31, 2016 for the sum of $2M; August 31, 2016 for the sum of $2M and October 31, 2016 for the sum of $2M.

Police Prosecutor, Alwyn Moore did not object to bail but asked that it be granted in a substantial sum; the accused was released on $700,000 bail by the Chief Magistrate. The matter is adjourned to May 25, 2017.