Coop chairman charged with 3 counts of money laundering RM1.52m

He claims trial to charges of receiving three cheques from the account of the cooperative.

PETALING JAYA: A property development cooperative chairman was charged in the Sessions Court here today with three counts of involvement in money laundering amounting to more than RM1.52 million.

Nazrul Izad Mohd Arsad, 37, of Koperasi Pembangunan Hartanah Putrajaya Berhad (KPHPB), claimed trial to the charges.

On the first charge, he allegedly received RM600,000 from the account of the cooperative through a Hong Leong Bank Berhad cheque.

On the second and third charges, he allegedly received RM600,000 and RM320,000 from the cooperative’s account through two cheques by the same bank.

He is accused of committing the offences at Hong Leong Bank Berhad, Taman Setapak Indah Jaya, off Jalan Genting Kelang, Kuala Lumpur, between Nov 26, 2013 and Feb 5, 2014.

The charges are framed under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Act 613), which carries a maximum fine of RM5 million or imprisonment of up to five years or both, on conviction.

Earlier, Deputy Public Prosecutor Husmaruddin Hussin proposed RM300,000 as bail in one surety for all three charges but counsel Adnan Abdul Rahim mitigated for RM60,000 in one surety.

The lawyer submitted that Nazrul Izad has five school-going children to support and had been cooperative with the police throughout the investigation.

Judge Mohamad Kamil Nizam subsequently set RM100,000 as bail in one surety for all the three charges, and tomorrow for mention.

The court also ordered the accused to surrender his passport and to report to the nearest police station periodically pending disposal of the case.

-BERNAMA