Businessman accused of masterminding $600 million bank fraud granted $2m bail by Court of Appeal

The businessman who is facing criminal charges for his alleged role in a fraudulent scheme used to defraud several Jamaican banks of more than $600 million has been granted bail by the Court of Appeal.

Kadeem Reid was offered bail in the sum of $2 million and ordered to surrender his travel documents and report to the police daily.

A stop order has been placed on him at the ports, and he was ordered not to have any contact with witnesses in the case.

The Court of Appeal made the orders yesterday following a legal challenge by Reid’s attorneys, Able-Don Foote and Earle Witter, K.C.

Reid, who has been in custody since April, was denied bail by a High Court judge who cited a risk to the administration of justice and the possibility of him reoffending because of the alleged supervisory role he played in the fraud.

The businessman, who is accused of being the mastermind behind the fraudulent scheme, is facing multiple counts of conspiracy to defraud.

His attorneys filed 11 grounds of appeal challenging the High Court judge’s decision to refuse bail.

They argued that the judge erred by failing to give due regard to her finding that Reid was not a flight risk, thereby failing to apply the ultimate test for bail laid down by the Privy Council, Jamaica’s highest appellate court.

The attorneys also argued that the judge erred in denying bail without any evidential or lawful basis and failed to consider “inherent weaknesses” in the case and the lack of evidence.

Three other persons – Chloe Douett, 30, a medical doctor of Cherry Gardens in Upper St Andrew; Ivana Campbell, 29, an executive assistant of Cedar Grove in St Catherine; and Dwayne Pitter, a labourer of Olympic Gardens in St Andrew – were also arrested earlier this year and charged in connection with the scheme.

Douett pleaded guilty in the Home Circuit Court in Kingston on July 24 to multiple charges linked to the elaborate mortgage and real estate fraud scheme, which defrauded several Jamaican banks of approximately $600 million.

The others are awaiting trial.

The Major Organised Crime and Anti-Corruption Agency (MOCA), which led the investigations, disclosed that between January 2023 and April 2024, the fraudulent scheme used forged official documents and property titles to secure approximately $600 million in mortgage loans from five banks.

- Livern Barrett

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