SOCU charges woman for running Ponzi scheme, embezzling penny bank money.

The Special Organised Crime Unit (SOCU) has laid 17 charges against a woman who is accused of operating a Ponzi scheme in which several persons were swindled of $283M.

Phylicia Jallim of Lot 22 Welcome Street, Rosignol, West Bank Berbice (WBB), and Lot 103 Thomas Street, Kitty, Georgetown appeared today before Magistrate Peter Hugh at the Blairmont Magistrate’s Court.

She faced 16 counts of obtaining money by false pretense. These charges involve several businessmen and businesswomen who invested $283M for returns on their investment weekly.

In relation to the one count of fraudulent misappropriation, Jallim is accused of embezzling $5.8M from her church, the New Life Assembly of God’s penny bank.

That church is located at Number 4 Village, West Coast Berbice (WCB)

The offences were allegedly committed last year.

She has been released on $1.7M bail and her next court date is July 19. Deputy Superintendent of Police Neville Jeffers is prosecuting the matters.

Jallim had no legal representation during her court appearance. She once held a top position at a well-known insurance company.