The Kuala Lumpur Sessions Court has sentenced Mohd Azhidi bin Laili (Azhidi) to a total of 20 years imprisonment and a fine of RM9 million for unlicensed activities and derivatives fraud.
Azhidi, who had falsely represented himself as a futures trader, committed the offences between May 2013 and March 2014 in Kuala Lumpur.
Sessions Court judge Puan Hamidah binti Mohamed Deril passed the sentence after Azhidi pleaded guilty yesterday to nine charges under section 206(b) of the Capital Markets and Services Act 2007 (CMSA).
According to the facts of the case as admitted by Azhidi, he had deceived nine victims of a total of RM1.45 million for a purported futures crude palm oil (FCPO) investment scheme under AmFutures Sdn Bhd, which did not exist.
He was sentenced to two years imprisonment and a fine of RM1 million in default three months imprisonment, for each charge, with the imprisonment terms to run concurrently. If Azhidi does not pay the fine, he will face a further imprisonment of 27 months after the completion of his imprisonment term.
Azhidi also pleaded guilty to one charge under section 59(1) of the CMSA for holding himself out as a representative of AmFutures Sdn Bhd without being licensed nor a registered person for dealing in derivatives, an activity regulated by the SC pursuant to Schedule 2 of the CMSA. The court sentenced him to two years imprisonment for this offence, to be served concurrently with the offences under section 206(b) of the CMSA.
Azhidi was initially charged by the SC on 14 February 2022, two days after his arrest. He claimed trial to all the charges and was released on bail of RM250,000 with two sureties. He was also ordered to surrender his passport and to report to the SC’s Investigating Officer once a month.
The trial proceeded from February 2023 to March 2025, after which he decided to change his plea to guilty. 28 prosecution witnesses, including seven victims, have testified in court to date.
Azhidi’s bail was revoked by the court on 21 May 2024 after he failed to appear in court for two case mentions. He had also failed to report to the SC’s Investigating Officer for the monthly reporting. The court ordered for Azhidi’s imprisonment sentence to commence from the bail revocation date.
The SC was represented by SC Deputy Public Prosecutor Mohd Izuddin Mohamad and prosecuting officers Quek Yiing Huey, Raihana Nadhira Rafidi, Eunice Ong Jo Xing and Mark Rohan Mahadevan. Azhidi was represented by counsel Al-Sabri Haji Ahmad Kabri.
The outcome by the court reflects the seriousness of the offences and its impact on the capital market. The SC reminds the public to remain vigilant and to confirm the legitimacy of any investment offers by using the Investment Checker - www.sc.com.my/investment-checker available on its official website.
