KUALA LUMPUR, Jan 31 — The director of a financial investment company was jailed for three months and fined RM10,000 by the Sessions Court here today after pleading guilty to accepting a deposit of RM20,000 without a valid licence from a businesswoman two years ago.
Judge Kamarudin Kamsun also ordered Adam Raja Sulaim to serve the sentence starting today, in addition to imprisonment for one month if he fails to pay the fine.
He was accused of receiving a deposit of RM20,000 from R. Prabha, 35, without possessing a valid licence as granted under Section 10 of the Financial Services Act 2013 at Jalan Kerinchi South, Brickfields on May 1, 2021.
Adam was charged under Section 137(1) of the Financial Services Act which carries a maximum jail term of 10 years or a fine of RM50 million or both.
The accussed, who was unrepresented, appealed for a lighter sentence on grounds that he had repented and had a family to support.
According to the facts of the case, Prabha lodged a police report against Adam’s company, which offered lucrative returns on the investment made and payable according to the percentage of profit.
The victim who was convinced of the offer had invested RM20,000 which was deposited into his company account in stages.
Checks found that the company was not registered to take any deposits from the public.
— Bernama
