A businessman was yesterday accused of obtaining $14.5 million in credit through fraud.
Iqwaz Arakhan, who owns a spare parts store, was read seven fraud charges by Chief Magistrate Ann McLennan.
Arakhan, 28, of Eccles, East Bank Demerara, denied all charges read to him.
It was alleged that Arakhan obtained credit by fraud by way of a Bank of Nova Scotia cheque in the name Fareed Yusuf, dated May 31, 2016 in the sum of $2 million, knowing that he did not have the funds.
There were five other charges of a similar nature and similar sum read to him, with only the dates of the cheques being different.
The cheques were dated from April to October, 2016. Another charge related to the sum of $2,500,000, for a cheque dated September 30, 2015.
The prosecutor made no objection to bail being granted and requested that the matters be tried together.
Chief Magistrate McLennan later granted Arakhan $700,000 bail and ordered that he lodge his passport.
The matter was them adjourned to May 25.
Arakhan was represented by attorney Sonia Parag.
