KUALA LUMPUR, July 25 (Bernama) -- A businessman pleaded not guilty in the Sessions Court here today to a charge of receiving RM250,000 in deposit for an investment without a valid licence.
S. Murugan, 47, was charged with breaching Section 10 of the Financial Services Act 2013 by allegedly receiving RM250,000 in deposit for an investment without a licence from a restaurant owner, R. Appavoo, 37.
The offence was allegedly committed in Desa Sri Hartamas, Brickfields here on Aug 12, 2022.
He is charged under Section 137 of the same law which provides a maximum prison sentence of 10 years or a fine of up to RM50 million or both upon conviction.
Deputy Public Prosecutor Muhammad Amir Hanif Ahijman offered bail of RM25,000 with one surety, but lawyer Datuk Baljit Singh Sidhu, representing the accused, appealed for a lower bail on the grounds that his client cooperated with the police during the investigation.
Judge Azrul Darus then allowed him bail of RM10,000 with one surety and fixed Aug 29 for mention.
-- BERNAMA
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