KOTA KINABALU: A Datuk behind a multi-million gold trading pyramid scheme has been sentenced to five years’ jail after she was found guilty of money laundering and receiving illegal deposits.
Worldwide Far East Bhd director Datuk Noor Ismahanum Mohd Ismail, 33, was also slapped with a RM2.55mil fine by Sessions Court judge Azreena Aziz yesterday.
Ismahanum from Perak pleaded guilty to the charges against her and her company on Tuesday.
She is accused of receiving deposits of about RM3.88mil from the public without a valid licence under the Banking and Financial Institutions Act 1989.
She received the illegal deposits through a scheme involving gold transactions at the Marina Court condominium at the state capital between Dec 6 and Dec 28, 2010.
Her company was also charged with committing the same offence between Dec 28, 2010 and April 23, 2012 at Wisma Fok Loi here.
Ismahanum and her company were each charged with 57 counts of money laundering in Kuala Lumpur involving RM6.25mil between July 4, 2011 and Dec 31, 2012.
During mitigation, counsel Zahir Shah applied for a minimum fine to be imposed on the company and only a minimum jail sentence for Ismahanum as she did not have enough money.
Bank Negara prosecuting officer Siti Nabilah Huda, who appeared together with Fahmi Abd Moin, applied for a deterrent sentence on the grounds that the company and Ismahanum had collected about RM16.5mil over two years and about 500 people were involved in the scheme.
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