Insurance agent nabbed in probe into RM21mil ‘fake investment'
PETALING JAYA : An insurance agent has been remanded until Sunday on suspicion of being an accomplice in a false investment scheme involving RM21 million in funds.
A source with the Malaysian Anti-Corruption Commission (MACC) said the suspect in her 40s was arrested at 9pm yesterday after giving her statement at the agency's headquarters in Putrajaya.
The source said 22 people had been tricked into investing their money in a corporation in the Klang Valley. However, the corporation did not receive the funds while the 'investors' were given false investment certificates.
The woman was allegedly involved in the fake investment scheme from 2023.
MACC investigation division senior director Zainul Darus confirmed the arrest.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
4 hours ago
- Borneo Post
Civil servant denies corruption charge
LABUAN (Aug 21): A 44-year-old civil servant pleaded not guilty at the Labuan Special Corruption Court today to a charge of accepting a valuable item from a contractor linked to a fisheries-related project, four years ago. Anisah Embok was accused of receiving an ASUS A516E-AE121T notebook computer from a contractor involved in the supply of equipment for the Fish Aggregating Device (FAD) project under the MyKomuniti Tuna Fisheries initiative, on July 29, 2021. She was charged under Section 165 of the Penal Code, which carries imprisonment for up to two years, a fine, or both, upon conviction. Judge Jason Juga granted her bail of RM10,000 with one surety and ordered her to report to the Malaysian Anti-Corruption Commission (MACC) once every two months. The court fixed Oct 2 for remention and the submission of documents. MACC prosecuting officer Joe Randy Juster appeared for the prosecution. – Bernama
Malay Mail
4 hours ago
- Malay Mail
RM336,000 in false claims lands ex-military man a RM48,000 fine in Labuan
LABUAN, Jan 24 — The Labuan Special Corruption Court today fined a former Malaysian Armed Forces (MAF) veteran RM48,000 after he pleaded guilty to 12 alternative charges of submitting false documents in claims exceeding RM336,000. Fairuzul Fazillah Musa, formerly attached to MAF Labuan, had initially been charged under Section 471, read with Section 468 of the Penal Code. He was accused of using forged documents as genuine in claims for local training and annual honorarium allowances between January 2015 and February 2016. The prosecution later offered 12 alternative charges under Section 471 read with Section 465 of the Penal Code, to which he pleaded guilty. Judge Jason Juga also imposed a fine of RM4,000 on each charge, in default four months' imprisonment, amounting to RM48,000, which was fully settled by the accused. Deputy public prosecutor Joe Randy Juster appeared for the prosecution, while the accused was unrepresented. — Bernama
Free Malaysia Today
5 hours ago
- Free Malaysia Today
Court annuls land transfers over RM9.5mil loan
The Court of Appeal ordered the re-transfer of 16 properties to AJ Kasturi Sdn Bhd and MA Joseph Capital Sdn Bhd, with damages to be assessed, and costs of RM320,000. PUTRAJAYA : The Court of Appeal has unanimously ordered the re-transfer of 16 properties to two companies, ruling that the assets were unlawfully pledged as collateral to secure an illegal RM9.5 million loan. Delivering the broad grounds of judgment, Justice Ahmad Fairuz Zainol Abidin said the property transactions were null and void as the loans – given by eight individuals and one company to AJ Kasturi Sdn Bhd and MA Joseph Capital Sdn Bhd – were illegal moneylending transactions. 'The Moneylenders Act 1951 exists to protect borrowers and cannot be circumvented,' he said in allowing appeals brought by AJ Kasturi and MA Joseph Capital. The appeals court set aside a High Court ruling after the two borrower companies successfully established that the 16 sales and purchase agreements (SPAs) were a sham. 'The trial judge erred in law and facts, which warrants appellate intervention,' said Fairuz. The bench also set aside judgment for vacant possession, outstanding rental and damages entered by the High Court in favour of the lenders on their counterclaim. AJ Kasturi and MA Joseph Capital were also awarded general, exemplary and aggravated damages to be assessed by the High Court and RM320,000 in costs. Fairuz said the trial judge was wrong to conclude that the transactions were genuine property sales dealings. The panel was chaired by Justice Nazlan Ghazali, with Justice Faizah Jamaludin sitting as its other member. According to the facts of the case, the two companies had wanted to raise funds urgently for a property acquisition in 2014 after their application for a bank loan was rejected. A representative of the companies then approached lawyer M Pannirselvam who offered to arrange a loan with interest charged at 4% per month. The companies agreed and pledged the properties progressively as security for the loan. The lawyer and the lenders relied heavily on an instrument called a 'letter of option' which the appeals court held was questionable and defied commercial logic. The 'letter of option' was not executed by the lenders. The company repaid the loan in part but subsequently defaulted, whereupon the lawyer facilitated transfers of the properties to the lenders. Dissatisfied, the companies filed three suits to recover the properties, all of which were dismissed by the High Court, giving rise to the present appeal. Lawyers Hariharan Tara Singh and Tan Eng Seng represented the companies, while counsel R Thayalan appeared for the lawyer. Ringo Low and Faiz Abdul Rahim appeared for the lenders.
