A former unit trust consultant was jailed 18 months and fined RM2 million for cheating two men in securities investments.
KUALA LUMPUR: A former unit trust consultant was sentenced to 18 months in prison and fined a total of RM2 million by two Sessions Courts here today after pleading guilty to cheating two men in connection with investments in securities.
Judge Azrul Darus sentenced Amran Mohd Amin, 59, to 18 months in prison and a fine of RM1 million, or six months’ imprisonment in default, for the first charge. For the second charge, Judge Ilmami Ahmad imposed an identical sentence. However, the two prison terms will run concurrently from the date of Amran’s arrest on Sept 8, 2025.
Amran entered his guilty plea following a plea bargain arrangement under Section 172C of the Criminal Procedure Code.
On both charges, Amran was accused of engaging in fraudulent conduct against the two men in connection with the purchase of securities, specifically units in the Kenanga Shariah Growth Opportunities Fund. He allegedly made representations to the victims regarding an investment with Kenanga Investors Berhad, prompting them to purchase banker’s cheques amounting to RM130,000 and RM10,000 respectively. The cheques, made payable to Amran’s account at Kenanga Investors Berhad for investment purposes, were subsequently used to purchase unit trusts in the accused’s account.
The offences were committed at Kenanga Investors Berhad, Kenanga Tower, 237 Jalan Tun Razak, here, between December 2021 and June 27, 2022.
The charges were framed under Section 179(b) of the Capital Markets and Services Act 2007 [Act 671] and punishable under Section 182 of the same Act, which provides for a maximum prison sentence of 10 years and a fine of not less than RM1 million upon conviction.
The prosecution was conducted by Deputy Public Prosecutor Mageswary Karroppiah and Securities Commission (SC) prosecuting officers Adibah Saiful Bahri and Sharifah Noor Effah, while lawyer Nor Azri Mohd Arif represented Amran.
