Court Allows Forfeiture Of Rm1 1mil From Illegal Deposit Taking Scheme Investors


 
The Federal Court found that there was merit in the appeal by the government.PUTRAJAYA: The government has succeeded in its appeal at the Federal Court to forfeit RM1,112,700 from 79 investors involved in an illegal deposit-taking scheme.The three-man bench comprising Chief Justice Tengku Maimun Tuan Mat, Court of Appeal president Abang Iskandar Abang Hashim and Federal Court judge Hasnah Hashim today overturned the decisions of the Court of Appeal and the High Court.
Stating that there was merit in the appeal, Tengku Maimun ordered the RM1,112,700 to be forfeited by the government.
Based on the facts of the case, Venus FX was a company that provided a trading platform specialising in foreign exchange, and the respondents (79 investors) were members of the Venus FX scheme.
Representations were made that individuals depositing amounts ranging from US$100 to US$10,000 into the company would be entitled to a daily return on investment ranging from 4% to 6% over 80 days.
They would then be registered as members with access to the company’s webpage. Venus FX members were also paid a commission for every new member they recruited.
In 2016, Venus FX’s management announced that all members should deposit their investment sums into a bank account belonging to Yayasan Usaha Ventures Malaysia (YUVM).
Members were informed that YUVM was an authorised foundation governed by the finance ministry and was Venus FX’s parent company.
The 79 investors deposited money into the YUVM bank account. However, a Venus FX member informed the other members in September 2016 that YUVM was not associated with the company and that the announcement was a scam.
The members were also told that YUVM’s chairman falsely claimed that the foundation was government-authorised and that he was pursuing a banking licence under the Financial Services Act 2013.
This licence was supposed to be held by YUVM, with Venus FX as its subsidiary managing the licence.
It was stated that RM50 million had to be deposited with YUVM to obtain this licence.
Two investors subsequently lodged police reports, and an investigation of Venus FX’s investment scheme showed that two individuals had commenced the forex trading without a Bank Negara Malaysia licence – and that the YUVM chairman and treasurer were also involved.
On Dec 14, 2017, the prosecution applied to the High Court to forfeit RM2.2 million from YUVM on the basis that the funds were illegal proceeds under Section 137 of the Financial Services Act 2013.
A notice was published to allow any third party with an interest in the seized funds to file a claim and present reasons as to why it should not be forfeited.
As a result, one investor, R Sudesh, filed an application with the High Court, seeking to represent 78 other investors, requesting the return of RM1,112,700 out of the RM2.2 million seized.
On May 28, 2019, the High Court ruled in favour of Sudesh and the other investors, ordering the RM1,112,700 be returned to them. This was upheld by the Court of Appeal on Dec 15, 2022.
Deputy public prosecutor (DPP) How May Ling, assisted by DPP Parvin Hameedah, contended that the funds seized from YUVM’s bank account were derived from an illegal activity, therefore, deposits made by third parties were also tainted with illegality, and the respondents could not be considered to have a legitimate legal interest.
She argued that both the High Court and the Court of Appeal erred in law in determining that the respondents were victims of fraud because the evidence indicated that the respondents willingly deposited money into the YUVM bank account as Venus FX investors, expecting returns on their investments, without any coercion.
Lawyer Ravi Nekoo, representing the respondents, submitted that the monies in YUVM’s bank account belonged to the 79 investors, adding that the funds were never removed from the said account to be used for any unlawful activity.
He said his clients were victims of a scam and did not receive or use any proceeds of unlawful activity. - FMT


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2024/04/court-allows-forfeiture-of-rm11mil-from.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Foreign Funds Pull Out Hefty Rm1 6 Bil From Bursa Highest Net Outflow Since Mco 4 Years Ago

Foreign Funds Pull Out Hefty Rm1 6 Bil From Bursa Highest Net Outflow Since Mco 4 Years Ago

papar berkaitan - pada 22/4/2024 - jumlah : 186 hits
LIKE most of its Asian peers Bursa Malaysia recorded massive net selling last week which amounted to RM1 59 bil the highest weekly net outflow in four years since the country went into movement control order in March 2020 This marks the eig...
From Christopher Wray

From Christopher Wray

papar berkaitan - pada 20/4/2024 - jumlah : 151 hits
Christopher Wray III EXECUTIVE DIRECTOR FBI FEDERAL BUREAU OF INVESTIGATION FBI WASHINGTON DC FBI SEEKING TO WIRETAP INTERNET FEDERAL BUREAU OF INVESTIGATION SEEKING TO WIRETAP THE INTERNET Attention Beneficiary We hope this notification ar...
Changing From Sweet To Less Sweet To Finally Unsweetened

Changing From Sweet To Less Sweet To Finally Unsweetened

papar berkaitan - pada 21/4/2024 - jumlah : 249 hits
LAST November former health minister Dr Zaliha Mustafa told Parliament that the Sugar Reduction Advocacy Plan would be implemented to tackle the issue of excessive sugar consumption and overcome diabetes and other non communicable diseases ...
Awantec Shares To Be Suspended From Trading From April 26

Awantec Shares To Be Suspended From Trading From April 26

papar berkaitan - pada 19/4/2024 - jumlah : 106 hits
Awantec was classified as an affected listed issuer in January 2021 following the termination of its subsidiary s membership in the Microsoft Partner Network PETALING JAYA Trading in the shares of AwanBiru Technology Bhd will be suspended f...
Separate Violence From Protest And Debate

Separate Violence From Protest And Debate

papar berkaitan - pada 21/4/2024 - jumlah : 153 hits
Project Stability and Accountability for Malaysia calls on both the state and society to separate violence from protest and boycott Law enforcement should aim primarily at the prevention of the intensification of hatred and acts of violence...
Transformation From The Top Down Hajiji S Exemplary Leadership In Sabah

Transformation From The Top Down Hajiji S Exemplary Leadership In Sabah

papar berkaitan - pada 19/4/2024 - jumlah : 237 hits
Hajiji s personal commitment to developmental progress transparency and good government stands in stark contrast to both his fellow politicians both in Sabah Selvaraja Somiah Over the last three years Sabah a state of over 3 5 million has u...
Public Barred From Proceedings In Najib S Challenge On Supplementary Order

Public Barred From Proceedings In Najib S Challenge On Supplementary Order

papar berkaitan - pada 17/4/2024 - jumlah : 179 hits
Former prime minister Najib Razak is serving a reduced sentence at Kajang prison and is scheduled for release on Aug 23 2028 KUALA LUMPUR The public has been excluded from the proceedings of Najib Razak s application to the High Court here ...
How To Transfer Whatsapp Chats From Android To Iphone

How To Transfer Whatsapp Chats From Android To Iphone

papar berkaitan - pada 17/4/2024 - jumlah : 235 hits
Technology Portfolio Net Switching from an Android based cellphone to an iPhone with the iOS operating system is not an easy matter Sometimes there is some data from an Android cellphone that is quite difficult to restore on an iPhone for e...
Zahid S Affidavit Shows Madani S Complicity In Attempt To Release Najib From Prison To Home Detention

Zahid S Affidavit Shows Madani S Complicity In Attempt To Release Najib From Prison To Home Detention

papar berkaitan - pada 18/4/2024 - jumlah : 230 hits
Ahmad Zahid Hamidi s supplementary affidavit indicates Madani Government s support for Najib Razak s release to home detention This affidavit was presented to the secret court hearing today Please read below Murray Hunter English version of...
Beli Rumah Lebih Jimat Dengan Kempen Hartanah Bumiputera Matrix

Saka Bapak Kau

Natural Gas Fuel Not A Hazard

How Car Centric Planning Is Killing Malaysians

Masjid Lapangan Terbang Sultan Abdul Aziz Shah

Top Picks Best Trucks For Towing In 2025

15 Playful Midcentury Kids Room Ideas For A Retro Vibe

Khutbah Jumat Jumadil Awal Tangis Ibnu Rawahah Jelang Perang Mu Tah


echo '';
Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula

Biodata Terkini Zehra Zambri Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Semalakama


Daging Goreng Belengas

Kempen Hartanah Bumiputera Khas Untuk Pembeli Bumiputera Mendapatkan Rumah Dengan Tawaran Giler Menarik

Apabila Musuh Mengerumuni Umat Islam Seperti Hidangan

Pesakit Diabetes Mengalami Masalah Mati Pucuk

Transformasi Bank Btpn Kini Berubah Nama Menjadi Smbc Indonesia

Pengalaman Mencicipi Hidangan Kuliner Khas Georgia Yang Menggugah Selera