SEREMBAN: An independent speaker was charged in Seremban Sessions Court today on four charges of receiving deposits totaling RM187,000 without a license for investment purposes from 2019 to last year.
The accused, Muzzamil Soliheen Musa, 45, however, pleaded not guilty after all the charges were read before Judge Norshila Kamaruddin.
According to the four charges, the accused is alleged to have agreed to accept deposits of between RM10,000 to RM100,000 separately from four men aged 45 to 49 years as an investment without a valid license under the Financial Services Act 2013 (Act 758).
The offense was committed in four locations, namely in three eateries around Mantin and Bandar Baru Nilai and another in Taman Seri Rambai, Labu here, between 30 August 2019 to 7 September 2021.
Accordingly, the accused is charged under Section 137 (1) of the Financial Services Act 2013 (Act 758) and can be punished under Section 137 (2) of the same act.
If convicted, can be imprisoned for not more than 10 years or a maximum fine of RM50 million or both.
Earlier, the Deputy Public Prosecutor represented by Muhammad Zulfikri Mohd. Nasir offers a total guarantee of RM550,000 with additional conditions applied.
Lawyer Mohamed Musthafa who represented the accused then asked for low bail and told Muzzamil that it would be guaranteed by his wife who is a housewife.
Meanwhile, the accused’s wife who was present during the proceedings in her appeal informed that she was only able to guarantee as much as RM5,000 for all the charges on the grounds that they have two children who are still in school and her husband suffers from a chronic illness.
However, the judge insisted that the bail amount was unreasonable considering the losses for all charges of almost RM200,000.
The court then allowed the accused to be bailed at RM40,000 for all charges with the additional condition of having to hand over his passport to the court and report to the nearby police station once a month.
The case will be mentioned again next January 16 for the submission of documents. – MESSENGER
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