KUALA LUMPUR (Sept 8): The Securities Commission Malaysia (SC) said it has charged a former unit trust consultant with securities fraud involving purported unit trust investments.

Amran Mohd Amin, 58, faces two charges for allegedly defrauding two investors of RM195,000 by representing to them a unit trust investment in Kenanga Investors Bhd (KIB) and a further two charges for allegedly defrauding another pair of investors of RM20,000 with his former spouse, Nadihah Nawi, the regulator said in a statement on Monday.

The first two charges come under Section 179(b) of the Capital Markets and Services Act 2007, while the other pair of charges are under the same provision but read together with Section 34 of the Penal Code. The offences are alleged to have taken place between July 2021 and June 2022 in Kuala Lumpur.

Amran claimed trial to all four charges before Sessions Court judges Azrul Darus and Norma Ismail, the SC said, adding, “If convicted, Amran faces a jail term not exceeding 10 years and a fine of not less than RM1 million.”

For the first set of charges, he was granted bail of RM50,000 with one local surety, while he was granted bail of RM20,000 with one local surety for the second set of charges.

“Amran was also imposed with monthly reporting to the SC’s Investigating Officer as an additional bail condition,” the SC said.

According to the regulator, the allegedly defrauded funds under the first set of charges were utilised by Amran for his own unit trust investments in KIB, while funds under the second set of charges were purportedly utilised for Nadihah’s unit trust investments in KIB.

At the material time for both sets of charges, Amran was a unit trust consultant with RHB Asset Management and subsequently KIB, while Nadihah was a unit trust consultant with Principal Asset Management Bhd.

The SC noted that Amran had been at large since July 29 this year but was apprehended on Sept 4. He had been listed as a wanted person since Aug 8.