KUALA LUMPUR: A former investment banker was charged in three Sessions Courts for operating unlicensed capital market activities and misrepresentation involving the purchase of investment shares six years ago.

Ruwan Amaresh Shaun Ponniah, 35, pleaded not guilty after the charges were read out before judges Siti Aminah Ghazali, Azrul Darus and Hamidah Mohamad Deril.

Ruwan Amaresh was charged before Siti Aminah with one count of conducting a business in the controlled activity of fund management without a capital market services licence while not being registered as a fund manager, Bernama reported.

The offence was allegedly committed at a premises in Petaling Jaya between Oct 22, 2018, and June 10, 2020, under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), which carries a maximum fine of RM10mil or a jail term not exceeding 10 years or both upon conviction.

The accused was also charged with three counts of cheating Darryl Ng Kah Wai, 36, and Putra Rezza Shah Ashly Abdullah, 36, out of RM20,000 by transferring the money to his CIMB bank account.

This was done through a share purchase transaction by misrepresenting the victims to invest in shares listed on Bursa Securities Berhad.

The charges under the same Act before Azrul involved four counts of cheating Putra Rezza Shah, Nigel Looi Seng Chuan, 36, Chia Ping Chi, 28, and Chong Oi Yin, 40, out of RM41,000.

This was also done through a share purchase transaction by misrepresenting them to invest in shares listed on Bursa Securities Berhad at the location on Oct 22, 2018, and June 10, 2020.

Meanwhile, Ruwan Amaresh faced three counts under the same Act before judge Hamidah for cheating Ma Chun Wei, 36, Senthuran Mohan, 37, and Ng by transferring RM140,000 to his account and another account under the name of Jonathan Heah Hye Meng at the same location on Nov 13, 2019, and Jan 8, 2020.

Securities Commission prosecutor Quek Yiing Huey requested bail at RM600,000 with one surety for all charges.

Additional conditions were also requested, which include the accused surrendering his passport to the court and reporting to the Securities Commission office once a month pending the conclusion of the case.

Defence lawyer Muhammad Hasif Ghazali, requested a lower bail on the grounds that his client is now working as a deliveryman.

He also said that Ruwan Amaresh is supporting his sick parents, with his father recently having undergone surgery.

The court allowed bail at RM210,000 for all charges with one surety and the additional conditions sought by the prosecution.

The court fixed Oct 23 for the next case mention.

https://www.thestar.com.my/news/nation/2024/09/20/ex-banker-denies-operating-unlicensed-fund-management