The Securities Commission Malaysia (SC) yesterday charged Ruwan Amaresh Shaun Ponniah (Ruwan) at the Kuala Lumpur Sessions Court for defrauding investors into depositing monies totaling RM201,000 for shares investments.
The SC also charged Ruwan for an offense relating to unlicensed capital market activities.
Ruwan, 35, was an associate director of Debt Capital Markets at CIMB Investment Bank when the offences took place between October 2018 and June 2020.
Ruwan faced 10 charges under section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for falsely representing to seven individuals that he would invest their monies in shares listed on the Malaysian and foreign stock exchanges.
If convicted, Ruwan faces a jail term not exceeding 10 years and a fine of not less than RM1 million.
Ruwan also faced one charge under section 58(1) CMSA for holding himself out as carrying on a business in fund management without being licensed or a registered person for fund management under the CMSA.
Fund management is a regulated activity under Schedule 2 of the CMSA, thus any person carrying out this activity must be licensed by the SC.
The offence carries a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years or both, if convicted.
Ruwan claimed trial to all 11 charges in three separate courts and was imposed with a total bail sum of RM210,000.
For the sole charge under section 58(1) CMSA and three charges under section 179(b) CMSA, Sessions Court judge Puan Siti Aminah binti Ghazali granted bail at RM120,000 with one Malaysian surety.
The accused was also ordered with additional bail conditions namely to surrender his passport to the court and to report to the SC’s Investigating Officer on a monthly basis.
Separately, before Sessions Court judge Tuan Azrul bin Darus, Ruwan was charged with four charges under section 179(b) CMSA. He was granted bail of RM60,000 with two Malaysian sureties and similar additional bail conditions.
Before Sessions Court judge Puan Hamidah binti Mohamed Deril, Ruwan was charged with three charges under section 179(b) CMSA. He was granted bail of RM30,000 with one Malaysian surety and similar additional bail conditions.
The SC reminds investors to exercise caution before parting with their monies and when considering investment opportunities.
The public is urged to refer to the SC Investment Checker, a one-stop portal available on the SC’s website - www.sc.com.my/investment-checker - to verify if an individual and/or entity is authorised by the SC to offer, promote, or sell any capital market products and services in Malaysia.
