KUALA LUMPUR, — A former investment banker was charged in three Sessions Courts here yesterday with operating an unlicensed capital market activity and misrepresentations regarding the purchase of shares for investments totalling up to RM201,000 six years ago.
Ruwan Amaresh Shaun Ponniah, 35, pleaded not guilty after the charges were read out before Judges Siti Aminah Ghazali, Azrul Darus and Hamidah Mohamad Deril.
Before Siti Aminah, Ruwan Amaresh was charged with one count of conducting a business in the controlled activity of fund management, without a capital market services licence and while not being registered as a fund manager.
The offence was allegedly committed at a premises in Petaling Jaya between October 22, 2018, and June 10, 2010, under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), which carries a maximum fine of RM10 million or a maximum imprisonment of 10 years, or both, upon conviction.
The accused was also charged with three counts of cheating Darryl Ng Kah Wai, 36, and Putra Rezza Shah Ashly Abdullah, 36, out of RM20,000 by transferring the money to his CIMB bank account in a share purchase transaction by misrepresenting them to invest in shares listed on Bursa Securities Berhad
The charges before Azrul involved four counts of cheating Putra Rezza Shah, Nigel Looi Seng Chuan, 36, Chia Ping Chi, 28, and Chong Oi Yin, 40, out of RM41,000 in a share purchase transaction by misrepresenting them to invest in shares listed on Bursa Securities Berhad, at the same place, on October 22, 2018, and June 10, 2020, under the same Act.
Whereas, before Hamidah, Ruwan Amaresh faced three counts of cheating Ma Chun Wei, 36, Senthuran Mohan, 37, and Darryl, by transferring RM140,000 to his and Jonathan Heah Hye Meng’s bank account, at the same place, on November 13, 2019, and January 8, 2020, under the same Act.
Earlier, Securities Commission prosecutor, Quek Yiing Huey, offered bail at RM600,000 with one surety for all charges, with the additional condition that the accused surrender his passport to the court and report to the Securities Commission office once a month until the case is concluded.
Ruwan Amaresh’s lawyer Muhammad Hasif Ghazali, requested a lower bail on the grounds that his client is supporting sick parents, with his father recently undergoing surgery, and he is now working as a deliveryman.
The court allowed him to be released on RM210,000 bail for all charges with one surety, with the additional conditions requested by the prosecution and set October 23 for the next case mention.