56-year-old businessman and owner of Micro Business Developers and Consultancy Company,  Clayton Allen, was placed on $400,000 bail today after being slapped with fraud charges.

The Georgetown businessman appeared before the Chief Magistrate this morning, where it was alleged that he used a forged Republic Bank Manager’s cheque to pay for six vehicles that he had bought from Fantasy Auto Shop. The cheque was valued at just over $28 million.

Allen pleaded not guilty to the charge and his Attorney told the Court that the businessman was already making moves to settle the matter.

The court was told that Allen has since returned all six vehicles and also compensated the car dealership to the tune of $600,000 for damages. The man claimed that he was unaware that the cheque he was using to pay the company was a forged cheque.

The cheque was reportedly turned down by the bank and it was then that a report was made to the Police and an investigation launched.

The businessman, through his Attorney, told the Court that he knows the owner of the auto dealership well and the two would transact business from time to time. He indicated that he is willing to assist with all of the investigations.

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