Gold, forex consultant charged with illegal deposit taking
KUALA LUMPUR: A gold trading and foreign exchange consultant pleaded not guilty in the Sessions Court here today to a charge of illegal deposit taking involving RM1.18 million for investment purposes three years ago.
Abel Ong Jun Wen, 31, was charged with receiving the money from financial consultant, Tan Wai Mei, 40, (she) without a valid licence under Section 10 of the Financial Services Act 2013 at a house in Taman Sentul Bahagia, Sentul here between Oct 17, 2022 and March 15, 2023.
The charge, under Section 137 (1) of the Financial Services Act 2013 and is punishable under Section 137 (2) of the same law, provides a maximum jail term of 10 years or a fine not exceeding RM50 million or both, if convicted.
Judge Azrul Darus allowed Ong bail of RM30,000 as requested by the prosecution and also ordered him to report to a nearby police station once a month. He also set June 24 for mention.
Earlier, lawyer Benedict Choong, representing Ong, when applying for a lower bail, said his client was a bankrupt and was not a flight risk.
The prosecution was represented by Deputy Public Prosecutor Noor Syafina Mohd Redzuan.
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