Former UBB Investment Bank CEO charged with cheating RM139 mil bank investment

Thursday 01 Oct 2026

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KUALA LUMPUR (Aug 19): Former UBB Investment Bank Ltd chief executive officer Razlan Raghazli has been charged with cheating a senior executive of UBB Amanah Bhd into releasing RM139.89 million to an education company through alleged misrepresentation of legal advice.

According to the charge sheet, Razlan allegedly committed the offence in September 2025 at UBB Investment Bank in Desa Sri Hartamas.

The charge alleged that Razlan, in his capacity as the CEO of UBB Investment Bank, had deceived Aida Aizura Othman, the managing director and CEO of UBB Amanah, over a payment schedule contained in a letter dated Sept 18, 2025.

After the charge was read to him at the Sessions Court, Razlan pleaded not guilty and claimed trial to the charge before Sessions Court Judge Azura Alwi.

Razlan was attached to UBB Investment Bank from January 2022 to June this year.

He was represented by his lawyer Azamudin Abdul Aziz while deputy public prosecutor (DPP) Hazel Tan prosecuted before the court.

The prosecution alleged that Razlan had represented to Aida that the payment schedule was consistent with, and based on advice provided by the law firm Messrs Kassim Tadin, Wai & Co.

However, Razlan was alleged to have known that the payment schedule contradicted the advice given by the solicitors.

“You deceived her into believing that the payment schedule stated in a UBB Investment Bank Ltd letter titled Disbursement Advice on Islamic Property Financing Under Bai-Bithamin Ajil (BBA) dated Sept 18, 2025, which you signed, was consistent with and based on advice from the solicitors Messrs Kassim Tadin, Wai & Co.

“You did this while knowing that it actually contradicted the advice given by the said solicitors,” according to the charge sheet read out in court.

The deception allegedly resulted in Aida being dishonestly induced to release RM139,891,776 to ELMU Higher Education Sdn Bhd.

The charge sheet stated that Aida would not have released the funds had she not been given the information by Razlan.

Razlan is charged under Section 420 of the Penal Code, which provides for imprisonment of between one and 10 years, whipping and a fine upon conviction.

When it came to bail conditions, DPP Tan asked Azura for RM100,000.

However, lawyer Azamudin said that his 43-year-old client has not been working since June this year, and he is the sole breadwinner in his family where he has four children and a sickly mother in his care.

Azura then set RM60,000 bail with one surety and scheduled Oct 12 for case management.

UBB’s lawyer Johan Mohan, who held a watching brief on the case on Wednesday morning, addressed the court on the media reporting about this case.

He asked Azura to make a ruling to stop the media from reporting UBB’s name in its reports of this case. Johan claimed that it will cause panic among investors.

“I humbly ask the court to make a ruling that media reports on this case not name UBB Bank in their reports. This will cause panic among investors if the bank’s name is reported and affect the stability of the bank,” he said.

Azura then replied that this case was a matter of public interest.

“The public has a right to know. There is no such thing; the application is denied,” she told the lawyer.

UBB Investment Bank, a Labuan-licensed investment bank, is part of UBB Amanah Group.

UBB Investment Bank has recently also courted other controversy as during Razlan’s tenure, the bank had to fork out a RM10 million compound to Bank Negara Malaysia and the Labuan Financial Services Authority for failing to report suspicious transactions and perform adequate customer due diligence between 2023 and 2024.

UBB Investment Bank paid the full RM10 million on June 11, the central bank said.

Edited ByIsabelle Francis

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