BUTTERWORTH: A managing director and a chief executive officer of an investment company have been charged today at two separate Sessions Court here with a total of 60 counts of accepting deposits worth nearly RM750,000 without a valid licence three years ago.

Mohd Nasri Abdul Rahim, 36, and Abdul Wahab S. Mohd Mydin, 53, each claimed trial to 30 counts of accepting deposits without a valid licence from three victims at various banks in Penang and one in Selangor between April 2019 and February 2020.

The charges were framed under Section 137(1) of the Financial Services Act 2013, punishable under Section 137(2) of the same act, which carries up to 10 years' jail or a fine of up to RM50 million, or both, upon conviction.

The abetting charges were read together with Section 109 of the Penal Code. 

In judge Noor Aini Yusof's court, Nasri faced 19 charges — 16 for accepting deposits without a valid licence and three for accepting the deposits without a valid licence while abetting Wahab.

According to the charge sheets, Nasri is alleged to have accepted about RM430,000 in cash deposits from three victims without a valid licence for investment purposes.

Deputy public prosecutor Nur Fazliyana Ahmad requested bail to be set at various amounts between RM10,000 and RM40,000 as some transactions reached RM110,000.

In mitigation, Nasri's lawyer, S. Raveentharan, urged for lower bail, saying his client had been cooperative.

"The bail is just to secure my client's presence in court and not a form of punishment.

"Also, my client has no previous criminal record or conviction."

He said his client had several health issues, such as diabetes and high blood pressure.

He said besides having to care for his mother, who needs dialysis treatment, his client also had employees on his company's payroll.

"My client also lodged a police report against a legal firm that he paid RM1.05 million to obtain the licence, but it did not go through. Hence, these charges today.

"Also, some of his assets have been frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 related to other court cases in Kuala Lumpur."

Noor Aini set bail totalling RM117,000 for all charges with one surety per charge and asked Nasri to surrender his passport to the court until the end of his cases.

In the same court, Wahab was charged with 11 counts — one for accepting deposits without a valid licence and 10 for accepting the deposits without a valid licence while abetting Nasri.

Nur Fazliyana asked for bail to be set between RM10,000 and RM40,000 based on the various amounts of cash deposited by the three victims.

Muhamad Sharulnizam Md Roni, who represented Wahab, told the court his client is married, has five children and has a heart condition, back issues and severe gastric.

"He is no longer employed by the company as he has been indefinitely suspended from the company involved in this case.

"His medical treatment is costly and he is in financial distress.

"He has been cooperating with the court, police and other authorities and has been a witness in court for other cases against the other accused (Nasri)."

Noor Aini set bail amounting to RM71,000 for all charges with one surety for each charge and asked Wahab to surrender his passport to the court.

In judge Norhayati Mohamed Yunus's court, Nasri was charged with 11 counts of accepting deposits without a valid licence at the same time and place.

Deputy public prosecutor Qatrin Nada Harun urged the court to set bail at RM10,000 for each charge.

Raveentharan, in mitigating for bail, cited the same reasons in Noor Aini's court.

Norhayati set bail at RM5,000 for each charge, totalling RM55,000, with one surety for each charge and asked Nasri to surrender his passport to the court.

Wahab was charged with 19 counts — one for accepting deposits without a valid licence and 18 for accepting deposits without a valid licence while abetting Nasri.

Qatrin asked for bail to be set at RM10,000 for each charge.

Sharulnizam told the court his client was facing 11 charges at a separate court and gave the same reasons for lower bail.

"I urge the court to set RM1,000 bail per charge or RM30,000 all in for all the charges."

Norhayati set bail at RM5,000 per charge, totalling RM95,000, with one surety for each charge.

Both courts fixed Aug 1 for mention of the cases, pending submission of documents.