CEO, managing director charged with 60 counts of accepting deposits illegally

BUTTERWORTH: A CEO and a managing director of an investment company were charged with 60 counts of illegal deposit taking at the Sessions Courts here totalling RM750,000 some three years ago.

Abdul Wahab S Mohd Mydin, 53, and Mohd Nasri Abdul Rahim, 36, were charged separately for the offences committed between April 2019 and February 2020.

Both pleaded not guilty and were released on bails totalling RM338,000.

In the first Sessions Court before judge Noor Aini Yusof, managing director Mohd Nasri faced 19 charges - 16 for illegal deposit taking and three for the same offence while abetting Abdul Wahab for the same purpose.

The charges under Section 137(1) of the Financial Services Act 2013 which is punishable under Section 137(2) of the same Act carries a jail term of up to 10 years or a fine up to RM50mil or both, if convicted.

The abetting charges were read together with Section 109 of the Penal Code.

According to the charge sheets, Mohd Nasri is accused of accepting deposits without a licence for investment purposes via cash deposits from three victims at various banks in Penang and Selangor.

Deputy public prosecutor Nur Fazliyana Ahmad requested for bail to be set at various amounts between RM10,000 and RM40,000 based on some transactions reaching RM110,000.

In mitigating Mohd Nasri's lawyer S. Raveentharan appealed to the court to set a fair amount as his client had been cooperative and had no criminal record.

Noor Aini set bail totalling RM117,000 for all charges with one surety and ordered Mohd Nasri to surrender his passport to the court until the cases were over.

In the same court, Abdul Wahab was charged with 11 counts of the same offences - one for accepting deposits illegally and 10 while abetting Mohd Nasri for the same purpose.

Nur Fazliyana also asked for bail set between RM10,000 and RM40,000.

Muhamad Sharulnizam Md Roni who represented Abdul Wahab said his client is married with five children and has a heart condition and severe gastric problem.

"He is no longer employed by the company as he has been suspended indefinitely from the company involved in this case," he said.

Judge Noor Aini set bail totalling RM71,000 with one surety and ordered for his passport to be surrendered to the court. She set Aug 1 for case mention.

In a separate Sessions Court, before judge Norhayati Mohamed Yunus, Mohd Nasri was charged with 11 counts of the same offences.

DPP Qatrin Harun urged the court to set bail at RM10,000 for each charge.

Raveentharan however appealed to the court for the bail to be set at a lower amount as his client had to post bail for the previous cases as well.

Norhayati set bail at RM55,000 for all the charges with one surety for each charge and for Mohd Nasri to surrender his passport.

Abdul Wahab was also charged at the same court for the same offences.

Muhamad Sharulnizam said his client was facing 11 charges at a separate court and gave the same reasons for a reduced bail.

Norhayati set bail at RM95,000 for all charges and set Aug 1 for case mention.

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