bersatu

THE Securities Commission Malaysia (SC) has charged former Johor Bahru division deputy chief of Parti Pribumi Bersatu Malaysia (Bersatu), Razrul Anwar Rusli, at the Kuala Lumpur Sessions Court for allegedly defrauding five investors of RM3.159 million through a fictitious investment scheme known as Amal Trust.

Razrul, 44, faces eight charges under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for falsely claiming that he would invest the victims’ money in Shariah-compliant bonds with high returns.

Following these representations, the victims transferred funds to several bank accounts associated with the alleged scheme.

If found guilty, Razrul could face up to 10 years in prison and a fine of no less than RM1 million for each charge under Section 179(b).

In addition, Razrul faces two more charges related to unlicensed capital market activities.

The first, under Section 58(1) of the CMSA, involves allegedly holding himself out as a person dealing in securities, despite not possessing a Capital Markets Services Licence (CMSL) or being a registered person.

This offence carries a maximum fine of RM10 million, imprisonment of up to 10 years, or both.

The second additional charge, under Section 362(3) of the CMSA, pertains to misleading descriptions on the Amal Trust website.

The representations claimed that the investment schemes were compliant with securities laws, creating the false impression that Razrul was licensed to conduct regulated activities.

If convicted, this charge carries a penalty of up to RM1 million in fines, a maximum jail term of five years, or both.

The alleged offences took place between April 2019 and April 2021 in various locations across Kuala Lumpur, Selangor, and Penang. — TMR