The Securities Commission Malaysia has charged Charles Chua Yi Fuan, a former investment banker, for duping four investors to invest in non-existent investment schemes, which resulted in them suffering losses totalling RM76,000.
In a statement, the SC said Chua, a former vice president of debt markets at Hong Leong Investment Bank Bhd, told the victims they were investing in purported investment schemes involving the subscription of securities, when the schemes did not exist.
Chua was brought to the Kuala Lumpur Sessions Court to face 4 charges under Capital Markets and Services Act 2007 for deceiving the victims.
If convicted, he could be jailed for up to 10 years or fined not less than RM1 million.
Chua was arrested just a day earlier in Malaysia, with the assistance of the PDRM and the Interpol, after he was deported from Cambodia.
The charges were read out in two separate courts today. Sessions Court judge Kamarudin Kamsun granted bail at RM300,000, with one surety. In addition, the accused was ordered to surrender his passport to the court and is required to report to the SC’s Investigating Officer on a monthly basis.
The SC reminded investors to exercise caution before they part with their monies and when considering investment opportunities.
🛑The SC’s Investor Alert List is constantly updated to guide the public to identify unauthorised/unlicensed platforms, companies or individuals. Further queries can be made to the SC’s Consumer and Investor Office at tel: 03-6204 8999 or e-mail: firstname.lastname@example.org.
(Source: The Edge Markets)