KUALA LUMPUR: A former investment banker was sentenced to two years in jail and fined RM1 million by the Sessions Court today for securities fraud offences involving RM201,000.
Judge Norma Ismail delivered the sentence to Ruwan Amaresh Shaun Ponniah, 36, who previously worked as an associate director of Debt Capital Markets at a local investment bank.
He pleaded guilty to one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA).
The court also ordered him to serve an additional six months in prison if he fails to pay the fine. His jail term will be backdated to his arrest date on Sept 18 last year.
The Securities Commission (SC) stated that the court considered nine other similar charges under Section 171A of the Criminal Procedure Code (CPC).
“Ruwan Amaresh falsely represented to seven investors that their money would be invested in shares listed on Malaysian and foreign stock exchanges. Instead, he used the funds for other purposes without their knowledge,“ the SC said.
Additionally, he received another two-year jail term after pleading guilty to a charge under Section 58(1) of the CMSA for operating an unlicensed fund management business. This sentence will run concurrently with the first.
Ruwan Amaresh’s guilty plea followed his application for a plea bargain under Section 172C of the CPC.
“He was first arrested and charged by the SC in Sept 2024, initially claiming trial to all charges. Bail was set at RM210,000 with one surety.
“On Feb 5, 2025, his bail was reduced to RM105,000 after a High Court application, but he failed to post bail and remains in Sungai Buloh prison,“ the SC added.
