4 directors jailed, fined for illegal deposit taking, money laundering

Bank Negara Malaysia advised the public not to place any monies or deposits with unlicensed institutions.

KUALA LUMPUR: Four directors were jailed and their company was fined after they pleaded guilty to charges of accepting money from depositors without a valid licence at the Kajang Sessions Court yesterday.

Bank Negara Malaysia (BNM) said MGSB Bhd and the directors were charged under section 137(1) of the Financial Services Act (FSA) 2013 and section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

In a statement, it said MGSB was fined RM5 million under Section 137(1) of the FSA.

Directors Hisyamuddin Che Ali and Ahmad Zalimi Mohd Ali were sentenced to two years’ jail and fined RM1 million in default six months’ jail each, while Halimatun Saadiah Che Omar was sentenced to one year’s jail and fined RM1 million in default six months’ jail.

MGSB was also fined RM288 million on the charges under AMLA.

Ahmad Zalimi, Halimatun and Nur Ain Aliana Mat Azmi were each sentenced to two years’ jail on each of three charges and fined a total of RM288 million in default one year’s jail.

Hisyamuddin was sentenced to two years’ jail on each of five charges and fined a total of RM288 million in default one year’s jail.

BNM urged the public not to place any monies or deposits with unlicensed institutions or be involved in any form of get-rich-quick schemes.

It said a list of institutions licensed by BNM to accept deposits is available on its website at www.bnm.gov.my.