KUALA LUMPUR (June 16): 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 between February and April 2018.
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 on Thursday (June 16) morning to face four charges under Subsection 179(b) of the 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 Royal Malaysian Police and the International Criminal Police Organisation (Interpol), after he was deported from Cambodia.
"The charges were read out in two separate courts today (Thursday). 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. In another court, Sessions Court judge Sabariah Othman granted bail at RM50,000. All other bail conditions are identical," the SC said.
The regulator further 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: [email protected]," its statement further read.