PORT OF SPAIN, Trinidad--A former manager at Trinidad Cement Limited (TCL) Employees’ Credit Union has been denied bail in a case in which he is facing charges of having attempted to defraud the credit union of $50 million.
Darren Singh, 35, has been accused of using a fraudulent document to transfer a substantial sum from the CU’s Unit Trust Corporation (UTC) account to another account at Republic Bank, according to The Guardian. The Guardian reported that it was unclear whether Singh was able to withdraw the money after the transfer or if the money had been recouped by the credit union.
The transfer allegedly took place on January 18, 2013. “However, the Fraud Squad was only able to intervene late last year when the credit union discovered the discrepancy and reported it,” the Guardian reported.
Singh’s application for bail was denied by the judge, who objected on a number of grounds, including the seriousness of the offense, the amount involved and the strength of the State’s case against Singh, according to the Guardian.
Charles also said the Fraud Squad was investigating allegations of threats being made to witnesses in the case.