A realtor was granted bail in the sum of $500,000 yesterday when he appeared before Magistrate Leron Daly at the Georgetown Magistrates Court on a fraud charge.
It is alleged that between April 15, 2021 and July 25, 2023 Mohamed Shadiek, 56, a director at SMS Realty and Development, obtained the sum of $26 million from Terrence Sobers with intent to defraud him by falsely pretending that he was in position to acquire plots of land.
Shadiek pleaded not guilty to the charge and his lawyer Dexter Todd asked that his client be placed on reasonable bail.
Todd told the magistrate that his client entered into a contractual arrangement with Reagan Housing Development in which SMS Realty and Development was contracted to not only help sell land but to also develop it. He indicated that the contract in the prosecution’s possession was never signed by SMS or the director but by Reagan Housing Development.
He indicated that Reagan Housing Development has had lots of problems and just recently their own corporate secretary, who had misrepresented the company, had stolen lots of money from the company.
Todd told the magistrate that during the investigation Sobers was not able to get his land and had waited for quite some time.
He argued that instead of going by the contract the police decided to approach the agent who acted on behalf of Reagan Housing Development.
The magistrate asked if the company would return the money to Sobers. Todd replied that they were in talks with Sobers to see if he was inclined to hold on and wait for the property.
He indicated that his client was trying to make other arrangements because of his reputation in relation to SMS.
The prosecution told the magistrate that there was no objection to bail, but it should be substantial as they were in possession of an agreement between SMS and Sobers. The prosecution added that when the police contacted Reagan Housing Development it had already cancelled the contract and that Reagan never received any money. All payments had been made to the cashier of SMS Realty and Development.
However, Todd argued that in order for an agreement to be cancelled between two companies a resolution had to be passed and that there was no such resolution. He indicated that SMS had extended over $100 million to Reagan Housing Development.
Todd added that investigators at the CID were aware that the corporate secretary collected $36 million from SMS.
After listening to arguments, the magistrate fixed bail at $500,000 and adjourned to January 26, 2024 for report and fixture.
