Miner on $10M fraudulent conversion charge granted $150,000 bail

A gold miner was yesterday placed on $150,000 bail by a city magistrate after he was accused of fraudulently converting his business partner’s jewellery to his own use and benefit.

The courtroom of    Chief Magistrate Ann McLennan, heard that between August 1, 2016 and February 17, 2017, at Eccles, East Bank Demerara, Anirudh Persaud, 55, of 173 Eccles Housing Scheme, after being solely entrusted by David Sugrim with a pearl set, two platinum chains with diamonds and other items, totaling $10,300,000 in order that he may keep same and return to Sugrim, fraudulently converted the two diamond chains and a diamond band valued at $4,000,000 to his own use and benefit.  Persaud, a miner, pleaded not guilty to the charge when it was read to him.

Persaud’s attorney Bernard Da Silva, requested that his client be placed on reasonable bail. According to Da Silva, Persaud and Sugrim were business partners who had a falling out. The attorney told the court that the allegation against his client arose when the virtual complainant was unable to give his client some money after the two had reached an agreement to pawn several pieces of jewellery and to share in its proceeds. Da Silva who continued to argue that his client is innocent in the matter told the court that the allegations are almost a year old and questioned why only now his client is being charged.

Nonetheless, Police Prosecutor Arwin Moore, told the court that he has no objections to Persaud being granted a substantial amount in bail. Moore informed the court that some items had been returned by the defendant.

Chief Magistrate McLennan granted Persaud $150,000 bail. His matter was adjourned until April 20 for statements.

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