TAIPING: An investment consultant pleaded not guilty in the Sessions Court on Tuesday (July 16) to four counts of money laundering amounting to nearly RM1mil in July last year.

Saiful Nizam Saharuddin, 39, entered his plea after the charges were read out to him before Judge Sharifah Norazlita Syed Salim Idid.

According to the charges, Saiful Nizam, owner of PMBIS Growth Venture, transferred RM926,427.53 in proceeds from unlawful activities to accounts belonging to four individuals through four transactions.

All offences were allegedly committed at CIMB Islamic Bank Berhad, Centro Mall Branch, Klang, Selangor, on July 27 last year.

The charges were framed under Section 4(1)(b) of the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, which provides imprisonment for up to 15 years and can also be fined not less than five times the amount or value of the proceeds from the unlawful activity or RM5mil, whichever is higher, if convicted.

Deputy Public Prosecutor Nurul Wahida Jalaluddin offered bail at RM30,000 for each charge, citing the seriousness of the offences and public concern.

Lawyer Pang Tek Kit, representing the accused, requested a lower bail, stating that his client is struggling to find a job due to the case and has three children aged one to 11 to care for.

The court set bail at RM15,000 with one surety for each charge and ordered Saiful Nizam to report to the nearest police station on the first day of each month.

The case has been set for mention on Aug 22. – Bernama

https://www.thestar.com.my/news/nation/2024/07/16/investment-consultant-faces-nearly-rm1mil-laundering-charges-pleads-not-guilty