PETALING JAYA: Three brothers pleaded not guilty in the Ipoh sessions court to 19 charges of receiving investment deposits totalling RM5.6 million without possessing valid licences to do so between November 2016 and December 2020.
Utusan reported that M Vijendran, 41, Danial Marnokaran Abdullah, 36, and M Thaewendran, 32, entered their pleas after the charges were read before judge Ainul Shahrin Mohamad.
According to the charges, they are accused of receiving deposits, ranging from RM6,000 to RM1 million, without possessing valid licences under Section 10 of the Financial Services Act 2013.
The charges against the three accused were read according to Section 137(1) of the Financial Services Act 2023, read together with Section 249(1) and punishable according to Section 137(2).
If convicted, they face imprisonment of up to 10 years, or a fine of RM50 million, or both.
The prosecution was led by deputy public prosecutor Haiqal Asyraf Suhaimi, while the three were represented by CV Krishnadevan.
Haiqal proposed bail of RM100,000 for each of the accused, but Krishnadevan requested a lower bail as the brothers did not have fixed employment, were bankrupt and their businesses had been badly hit.
Krishnadevan said the three brothers, who were cryptocurrency investors, had given their full cooperation to the police since the investigation began in 2021.
“I would also like to inform the court that my clients have filed a notice of application at the Kuala Lumpur High Court for a judicial review to declare the investigation invalid and cancel all the charges.
“I request the court to postpone this case until the results of the review on April 1,” he said.
Ainul allowed bail of RM20,000 each and set April 18 for re-mention of the case. - FMT
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