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Judge rules in $7m fraud case, refers attorney to Law Association - Trinidad and Tobago Newsday

A High Court judge has deemed a purported $7 million loan agreement between two business partners fraudulent and a “sham document designed to deceive.”

Justice Frank Seepersad made the finding in a ruling on April 1, in a lawsuit by Advanced Hose and Marketing Ltd (AHML), of Ridgewood Heights, Tacarigua, against a contractor and two other parties as it sought to recover $7 million in funds for a construction project that did not materialise.

In its lawsuit, Advanced Hose claiming it transferred $7 million to a contractor who fraudulently misappropriated and converted the money for his own use and benefit.

In his ruling, Seepersad held contractor Cordell Philbert and his business partner Joash Ramjattan and the latter’s company ZA Limity Engineering Consultancy “colluded and/or conspired” to defraud Advanced Hose of $7 million and were liable for repayment.

He also held that the purported loan document between Philbert and Ramjattan was “procured and/or facilitated through improper and/or fraudulent means” and “its intent was to defraud the claimant.”

“It is hereby declared that the said loan agreement was illegal and constituted a sham transaction.”

In addition to the $7 million, the three defendants were also ordered to pay interest on the sum.

The judge also directed the Registrar of the Supreme Court to send the ruling to the Disciplinary Committee of the Law Association for consideration and a possible enquiry into attorney Varun Debideen’s preparation and execution of the loan agreement.

Debideen was initially one of eight defendants, including two banks, in Advanced Hose’s lawsuit. In November 2023, Seepersad froze his assets and bank account. The case against the others was subsequently withdrawn against the others, including Debideen. In his defence, Debideen had denied wrongdoing. He said Ramjattan was his client and he was only following instructions. He also claimed Philbert transferred the money to his account as a loan Philbert made to Ramjattan to pay a multi-million-dollar judgment debt.

In analysing the evidence, Seepersad said he formed the view that Philbert was a “simple, malleable” man who was “exploited and groomed” to “unknowingly engage in a complicated, “fraudulent design.”

“The court is also firm in its view that the second defendant operated as a criminal mastermind and that he adopted a course which was calculating and cunning and which was crafted to defraud the claimant of $7,000,000.”

It was Philbert’s evidence that he did not request the $7 million transfer into his account by AHML and only found out about it from Ramjattan in a WhatsApp exchange. He said he believed the money was related to a project in Guyana. He also claimed that he believed the sums transferred to the attorney were to be held in escrow for the investor’s benefit and the remaining funds for project mobilisation. He also said he was directed to make the bank transfers and denied he agreed to loan Ramjattan $24 million, as he only had $294.17 to his name, much less $24 million.

In their defe

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