IT boss claims trial to receiving RM5 million deposit without a licence

Hariharan Subramaniam covers his head with his coat as he is led out of the courtroom in George Town, Penang.

GEORGE TOWN: A businessman was charged here today with violating finance laws by accepting a deposit of almost RM5 million in investments without a licence from the authorities.

Hariharan Subramaniam, 42, from Klang, Selangor was charged with committing the offence at the Maybank Union Street branch here from March 25, 2016, to March 1, 2018.

He was charged under Section 137 of the Financial Services Act 2013 with accepting the deposit in the form of a loan, advance, investment, savings and proceeds without a licence from the finance ministry.

He claimed trial to the charge which carries a maximum jail term of 10 years and/or a maximum fine of RM50 million upon conviction.

Deputy public prosecutor Preeya Darrsini Sugumaran asked for bail to be set at RM100,000 and his passport surrendered to the court.

However, Hariharan’s lawyer P Vijey Eswaren said he should be released on bail of RM10,000 due to his financial situation.

Due to the movement control order, he said Hariharan had chalked up arrears for the lease of his shophouse in Bangsar, adding that he had received legal notices from the property owners.

He also said his client was the director of an IT company dealing with cloud services.

Adding that Hariharan was the breadwinner for a family of six, he said he was also responsible for the cost of his parents’ medication as well as other stay-in relatives.

He said Hariharan had given his full cooperation to the police since the investigation began in 2018, and that he had always appeared for questioning when summoned.

“There are no warrants out for his arrest. Based on his past record, he will be able to comply with the conditions set by this court,” he said.

Judge Mazdi Abdul Hamid set bail at RM60,000 and told Hariharan to report to the nearest police station until his next court date.

He also barred Hariharan from contacting the complainant in the case and set Aug 28 for mention.

Upon leaving the courtroom, Hariharan was met with shouts and expletives from the crowd, with some asking “Where is my money?”

He was also shoved by several men, prompting intervention by the court bailiffs.

Lawyer Rajivan Nambiar held a watching brief on behalf of the complainant. - FMT