SHAH ALAM (April 24): Businessman Shailen Popatlal, also known as Shailen Gajera, was charged on Friday with seven counts of money laundering involving RM128.34 million, allegedly transferred from Paneagle Holdings Bhd to his Hong Kong company, Primawin Ltd. This follows a separate charge in Kuala Lumpur a day earlier for using a forged document to secure a RM400 million loan from Bank Pembangunan Malaysia Bhd.
The cases relate to a RM400 million loan taken out by Aries Telecom (M) Bhd in 2012 for a 30,000km fibre-optic project that was never completed and not repaid.
Bank Pembangunan has since filed multiple lawsuits, alleging the defendants, which included Shailen, had conspired and used unlawful means to defraud the bank.
Previous lawsuits also alleged fund flows between Aries Telecom, Paneagle and Primawin. Primawin had indirect holdings in Aries Telecom, while Paneagle Holdings held a 9% direct stake at the time.
Shailen directly held a 24% interest in Primawin and an indirect 91% interest in Aries Telecom.
He pleaded not guilty and claimed trial before Sessions Court judge Awang Kerisnada Awang Mahmud.
The charges relate to transactions between July 2012 and November 2013, where funds from Paneagle Infratek Sdn Bhd and Paneagle Holdings Bhd at Alliance Bank were allegedly transferred in multiple tranches — ranging from RM2.3 million to RM43.06 million — to an HSBC Hong Kong account belonging to Primawin.
Three transfers on Nov 20, 2013 alone exceeded RM111 million, while earlier transfers in mid-2012 totalled about RM17.3 million. Each charge carries a maximum penalty of RM5 million, up to five years’ jail, or both.
The court ordered Shailen to surrender his passport, report monthly to the MACC and set bail at RM100,000.
Charged in KL for forging document to secure RM400m loan
In the separate KL case, Shailen is accused of abetting Datuk Ranjeet Singh Sidhu in using a forged “Joint Completion Guarantee” — purportedly between V Telecoms Bhd and Huawei Technologies — to support the loan application. The charge falls under the Penal Code and carries up to two years’ jail, a fine, or both.
The loan was meant to fund a 30,000km fibre-optic network project around Peninsular Malaysia, but the project never took off. Bank Pembangunan uncovered the issue during a 2022 probe and later sued multiple parties.
Ranjeet faces similar forgery charges. Previously, he faced a more serious charge of giving out an RM8 million bribe to secure the approval for the project loan.