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Man accused of $50m fraud granted $3.5m bail

Published: 
Friday, January 23, 2015

The charge

Singh is accused of using a fraudulent document to transfer of $50 million from the organisation’s Unit Trust Corporation (UTC) account to another account at Republic Bank’s branch, Tropical Plaza, Point Lisas. 

The transfer allegedly took place on January 18, 2013. 

The manager at Trinidad Cement Ltd (TCL) Employees’ Credit Union, accused of trying to steal $50 million from the employer, has been granted $3.5 million bail. 

Magistrate Christine Charles, as part of her decision ordered Darren Singh, 35, of Claxton Bay, to surrender his passport and stay away from his workplace.

Singh, a father of five, had been refused bail since his first court appearance on Monday as police investigated allegations of witness intimidation. 

During yesterday’s hearing, assistant Director of Public Prosecutions (DPP) George Busby said the alleged threats were still being investigated by the Fraud Squad. 

Charles, presiding in the Port-of-Spain Magistrates Court also ordered Singh to refrain from communicating with the unnamed witness.

“He is to have no contact with the witness either electronically or otherwise. This includes social media,” Charles said. 

In adjourning the case to next Monday, Charles requested that prosecutors provide her with information on whether Singh was still employed with the credit union at the next hearing.

Singh is being represented by Martin George and Candace Lopez.  

 

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