A former unit trust consultant has been charged in the Kuala Lumpur sessions court with offences relating to securities fraud involving purported unit trust investments.
The Securities Commission said Amran Amin, 58, pleaded not guilty to four charges before judges Azrul Darus and Norma Ismail in two separate courts.
The commission said Amran was charged with two counts under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA) with defrauding two investors of RM195,000 to deposit funds for a unit trust investment in Kenanga Investors Bhd (KIB).
“The monies deposited by the investors were instead utilised for Amran’s own unit trust investments in KIB. At the time, Amran was a unit trust consultant with RHB Asset Management and subsequently KIB,” it said in a statement.
Amran faces two additional charges under Section 179(b) of the CMSA, read together with Section 34 of the Penal Code, of defrauding two other investors of RM20,000 in collusion with his former wife, Nadihah Nawi.
It is alleged that the monies deposited by the investors were utilised for Nadihah’s own unit trust investments in KIB. She was a unit trust consultant with Principal Asset Management Bhd at the time.
The offences were said to have taken place in Kuala Lumpur between July 2021 and June 2022
Nadihah had pleaded not guilty to two charges on July 30 in relation to her role in the alleged offences.
Azrul allowed Amran bail of RM50,000 with one surety, while Norma set bail at RM20,000 with one surety.
Both judges also ordered the accused to report to the SC’s investigating officer once a month pending the conclusion of the cases.
The SC was represented by its deputy public prosecutor, K Mageswary, and prosecuting officer Adibah Saiful Bahri. Amran was unrepresented.
