Real Estate Director gets bail in $26M house lot scam

The Director of SMS Realty and Development, Mohammed Shaheed, was released on $500,000 bail on Friday after he was charged for his involvement in an alleged $26 million house lot scam.

Shaheed, 56, of Patentia, West Bank Demerara (WBD), appeared before City Magistrate Leron Daly.

The accused, a father of five, firmly denied the accusations that between April 15, 2021, and July 25, 2023, at Albert Street, Alberttown, Georgetown, he obtained the sum of $26 million from Terrence Sobers under false pretenses.

It was alleged that Shaheed falsely claimed he had the capacity to acquire land plots and develop houses.

Defending his client, attorney Dexter Todd made a plea for reasonable bail.

He informed the Court that Mohammed Shaheed serves as the director of SMS Realty and Development, a business with a property acquisition and development agreement in place with Raydan Housing Development, located at Lot 183 Albert Street, Alberttown, Georgetown.

Todd argued that it was SMS Realty and Development, not his client, that received the $26 million.

The Police prosecutor did not object to the defendant’s release on bail but requested a substantial bail amount, claiming that the monies were paid to Shaheed.

Shaheed is scheduled to appear back in court later this month.