Man pleads not guilty to running investment scam in Melaka

 Man pleads not guilty to running investment scam in Melaka

MELAKA: A man has claimed trial at the Sessions Court here for allegedly running non-existent online investment schemes.

The plea of the accused, Iskandar Ishak, was recorded before Judge Maziah Joary Mohd Tajudin on Wednesday (July 14).

He was charged with three counts framed under Section 137(1) of the Financial Services Act 2013.

The accused faces imprisonment not exceeding 10 years, or a fine not exceeding RM50mil, or both, if convicted.

Based on the charge sheet, Iskandar had allegedly received an amount of RM125,000 from three individuals at Jalan Hang Tuah here between May 10 to June 27, 2016.

The accused had asked for funds to be deposited in a bank account under his company, I Usahawan Global Berhad, which did not have permit under Section 10 of the Financial Services Act 2013 to collect money for the purpose of investment.

The accused,…

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