The SC said Razrul was charged with eight charges for falsely representing to investors that he would invest their monies in a fictitious investment scheme known as “Amal Trust”.
PETALING JAYA: The Securities Commission (SC) has charged Razrul Anwar Rusli, 44, at the Kuala Lumpur Sessions Court for defrauding five investors of RM3.159mil for fictitious investments.
In a statement, the SC said Razrul was charged with eight charges under section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for falsely representing to investors that he would invest their monies in a fictitious investment scheme known as “Amal Trust” which purportedly offered Shariah-compliant bonds with high returns.
“The victims had transferred their monies to several bank accounts for the alleged investment following Razrul’s representation.
If convicted, Razrul faces a jail term not exceeding 10 years and a fine not less than RM1mil.
“Razrul also additionally faced two other charges relating to unlicensed capital market activities.
“The first charge, under section 58(1) of the CMSA relates to Razrul’s conduct of holding himself out as carrying on a business in the regulated activity of dealing in securities.”
The regulator said Razrul does not hold a Capital Markets Services Licence nor is he a registered person for dealing in securities.
“This offence carries a maximum fine of RM10mil or imprisonment for a term not exceeding 10 years, or both.”
Meanwhile, the second charge, under Section 362(3) of the CMSA relates to the usage of descriptions on the Amal Trust website that the investment schemes offered complied with securities laws.
“This created the belief that Razrul was licensed to carry on a business in relation to the regulated activity of dealing in securities when he was in fact not licensed.”
Furthermore, the offence carries a maximum fine not exceeding RM1mil or imprisonment for a term not exceeding five years, or both.
The alleged offences took place between April 2019 and April 2021 in various places in Kuala Lumpur, Selangor and Penang, said the SC.
Razrul claimed trial to all 10 charges before Sessions Court judge Zulqarnain Hassan and was granted bail at RM500,000 with two local sureties.
