Former Financial Consultant Ordered to Enter Defence in RM85.53mil Investment Scheme Case

Details of the Case

A former financial consultant, Datuk Ahmad Azwan Aboo Mansor, 54, has been ordered to enter his defence on one charge of deceiving the Intellectual Property Corporation of Malaysia (MyIPO) in relation to an investment scheme amounting to RM85.53 million. Additionally, he faces four charges of money laundering involving RM3.9 million.

Legal Proceedings

Sessions Court judge Suzana Hussin ruled in favor of the prosecution, establishing a prima facie case against Ahmad Azwan. The defence proceedings are scheduled to take place from Nov 13-15.

Defence Strategy

Ahmad Azwan’s lawyer, Harjinder Singh Sandhu, informed the court that his client will testify under oath during the proceedings. Approximately six defence witnesses are expected to be called to support his case.

Charges and Allegations

• Ahmad Azwan is accused of deceiving MyIPO by promoting a scheme called BIMB i-Fund, falsely promising a 6% annual return. In reality, it was a unit trust investment known as BIMB i-Dividend Fund.
• The former consultant allegedly induced MyIPO to transfer RM85,530,000 to a BIMB account under BIMB Investment Management Bhd (i-Dividend) through fraudulent means.
• The offence was said to have occurred at the Ixora Meeting Room, MyIPO, Level 19, Tower B, UOA Tower, Bangsar, at 10am on Nov 25, 2015.
• Ahmad Azwan faces charges under Section 420 of the Penal Code, which carries a penalty of between one and 10 years’ imprisonment, along with caning and a possible fine upon conviction.
• He was also ordered to enter his defence on four counts of money laundering involving RM3.9 million at the Bank Islam branch in Taman Melawati, between January 2016 and December 2017, under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

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  Analysis and Implications
  

  This case highlights the importance of transparency and due diligence in financial transactions. Individuals and organizations must exercise caution when dealing with investment schemes and financial products to avoid falling victim to fraudulent activities.

  For investors, it serves as a reminder to conduct thorough research and seek professional advice before committing to any investment opportunity. Understanding the risks involved and verifying the legitimacy of financial offerings can help protect one’s assets and financial well-being.

  Furthermore, the legal consequences faced by Ahmad Azwan emphasize the severity of financial crimes and the importance of upholding ethical standards in the financial industry. Authorities are committed to prosecuting individuals who engage in fraudulent activities and money laundering, aiming to maintain the integrity of the financial system and protect the interests of investors.

  Overall, this case underscores the need for vigilance and caution in financial matters, urging individuals to prioritize integrity and compliance with regulations to safeguard their financial future.