Courts / Waterford / Report

International businessman alleges fraud by Waterford company over €1.2m loan

Summary

In a High Court hearing, Canadian businessman Louis Trudel, CEO of TTMG International SARL, alleged that Waterford‑based Carray Homes Unlimited and its director Darren Carroll committed fraud by misrepresenting progress on a €1.2 million loan used to build 25 houses and 6 apartments at Adamstown Kilmeaden. Trudel claimed the loans, repayable in 11 months at 30 % interest, were advanced in two tranches: €300,000 to demonstrate cash flow to Waterford County Council and €900,000 to purchase land. He said aerial photographs supplied by the defendants were falsified, and that a colleague's drone images proved the reports were misleading. Trudel has not seen any agreement with the council and seeks repayment of the loans. After partial payment of €50,000, the remaining €250,000 of the first tranche remains unpaid.

Who, what, where, when and why

What: Report matter: International businessman alleges fraud by Waterford company over €1.2m loan. Procedural stage: hearing_or_decision

When:

• 2023-04-27 Publication

Why: It is alleged that Mr Carroll, of Green Street Waterford, told his colleague that it was not possible to take pictures of the site with a drone, because permission was required from the owners of neighbouring properties. CNI source report

Case subjects

Places mentioned

Topics

Fraud Stage Hearing Or Decision

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Read the original CNI report