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Businessman charged with Net scam
By M. MAGESWARI
KUALA LUMPUR: A businessman was charged with representing himself unlawfully as a fund manager through the Internet last year in a case involving investments worth RM65mil.
Phazaluddin Abu, 47, on Friday became the first person to be produced by the Securities Commission (SC) in a court here for such an offence.
The general manager of a computer company claimed trial to the charge.
He is said to have represented himself as a fund manager through the www.danafutures.com website, without holding a fund manager's licence.
Phazaluddin was accused of committing the offence at Affiliate Shoppers Network at No. 14 (first floor) of Jalan Opera C in Shah Alam between Jan 3 and June 22 last year.
If convicted, he can be fined a maximum of RM1mil or jailed up to 10 years under Section 15C of the Securities Industry Act 1983.
Lead prosecutor Syed Mohd Naqib Syed Taha, from the SC, asked the court to deny bail saying that the offence was non-bailable and that the offence was related to an Internet scam where the accused managed a portfolio of securities for investment.
Syed Mohd Naqib said that more than 100 Malaysians had invested RM65mil over a period of three months.
"The website offered an investment portfolio between US$25 to US$1,000 for 100 days, with an interest from 2.2% to 3.15% daily (for each investor)," he told Sessions Court judge S.M. Komathy Suppiah. (The website was shut down on June 22 last year.)
Syed Mohd Naqib said Phazaluddin ran the scheme without a licence from the SC and that the prosecution was concerned that the investors may go after him.
He added that the prosecution was concerned that the accused could also be a flight risk as his first wife and daughter were living in India.
Besides that, he said, the accused would also be charged for money laundering next week.
Prosecuting officer Charandeep Kaur added that the SC had recovered evidence of all account holders from the premises of the accused, and that it showed the worth of such an investment for the period which would be proven during trial.
Defence counsel J. Chandra asked the court to set bail at RM10,000 saying that it would be prejudicial for the prosecution to argue over potential charges to be preferred on his client.
Upon query by the judge, Chandra said the accused also has a wife and two children in Malaysia.
Syed Mohd Naqib said the court could set his bail at RM500,000 if it decided to grant Phazaluddin bail.
Komathy set bail at RM200,000 in one surety and ordered Phazaluddin to surrender his passport to the court.
The judge fixed five days from Nov 3 for Phazaluddin's trial after the prosecution told her that they would be calling between 20 and 30 witnesses.
By M. MAGESWARI
KUALA LUMPUR: A businessman was charged with representing himself unlawfully as a fund manager through the Internet last year in a case involving investments worth RM65mil.
Phazaluddin Abu, 47, on Friday became the first person to be produced by the Securities Commission (SC) in a court here for such an offence.
The general manager of a computer company claimed trial to the charge.
He is said to have represented himself as a fund manager through the www.danafutures.com website, without holding a fund manager's licence.
Phazaluddin was accused of committing the offence at Affiliate Shoppers Network at No. 14 (first floor) of Jalan Opera C in Shah Alam between Jan 3 and June 22 last year.
If convicted, he can be fined a maximum of RM1mil or jailed up to 10 years under Section 15C of the Securities Industry Act 1983.
Lead prosecutor Syed Mohd Naqib Syed Taha, from the SC, asked the court to deny bail saying that the offence was non-bailable and that the offence was related to an Internet scam where the accused managed a portfolio of securities for investment.
Syed Mohd Naqib said that more than 100 Malaysians had invested RM65mil over a period of three months.
"The website offered an investment portfolio between US$25 to US$1,000 for 100 days, with an interest from 2.2% to 3.15% daily (for each investor)," he told Sessions Court judge S.M. Komathy Suppiah. (The website was shut down on June 22 last year.)
Syed Mohd Naqib said Phazaluddin ran the scheme without a licence from the SC and that the prosecution was concerned that the investors may go after him.
He added that the prosecution was concerned that the accused could also be a flight risk as his first wife and daughter were living in India.
Besides that, he said, the accused would also be charged for money laundering next week.
Prosecuting officer Charandeep Kaur added that the SC had recovered evidence of all account holders from the premises of the accused, and that it showed the worth of such an investment for the period which would be proven during trial.
Defence counsel J. Chandra asked the court to set bail at RM10,000 saying that it would be prejudicial for the prosecution to argue over potential charges to be preferred on his client.
Upon query by the judge, Chandra said the accused also has a wife and two children in Malaysia.
Syed Mohd Naqib said the court could set his bail at RM500,000 if it decided to grant Phazaluddin bail.
Komathy set bail at RM200,000 in one surety and ordered Phazaluddin to surrender his passport to the court.
The judge fixed five days from Nov 3 for Phazaluddin's trial after the prosecution told her that they would be calling between 20 and 30 witnesses.
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