The Demerara Mutual Life Assurance Society Limited is suing a former employee for allegedly defrauding the company of over $40 million.
Zameel Shaheed of Ocean View, Uitvlugt, West Coast Demerara, allegedly approved transactions amounting to over $40 million to persons who were not entitled to claims. In a Statement of Claim filed in the High Court and published in yesterday’s edition of Kaieteur News, Demerara Mutual, the claimant, sought to recover from Shaheed, the defendant, the sum of $40.5 million “being the total value of fictitious insurance claims which were (allegedly) fraudulently approved by the defendant and consequently paid by the claimant to persons with no legitimate health insurance claims.”
Demerara Mutual, represented by attorney Kamal Ramkarran, also asked for an injunction restraining Shaheed or his agents from transferring, mortgaging, encumbering or in any way disposing of any movable or immovable property held in his name until the hearing and determination of the substantive proceedings and, in the event of a judgment in favour of the claimants, until the judgment is paid in full. The court has granted an interim injunction in this regard.
