简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:A former CIMB investment banker, Ruwan Amaresh Shaun Ponniah, has been formally charged by the Securities Commission (SC) in Kuala Lumpur for defrauding investors of RM201,000.
A former CIMB investment banker, Ruwan Amaresh Shaun Ponniah, has been formally charged by the Securities Commission (SC) in Kuala Lumpur for defrauding investors of RM201,000. The charges, presented across three different sessions courts, include a series of allegations related to investment fraud and unauthorized fund management activities.
According to the Securities Commission, Ponniah faces ten charges under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA). These charges relate to fraudulent activities involving seven investors, whom he misled by promising to invest their funds in shares listed on both Malaysian and international stock exchanges. Ponniah allegedly used his position to deceive these individuals into believing they were making legitimate investments.
In addition to the fraud charges, Ponniah is also facing an eleventh charge under Section 58(1) of the CMSA. This charge accuses him of conducting fund management activities without the necessary license, further compounding his legal troubles. The Securities Commission's statement highlights that these offences occurred between October 2018 and June 2020.
During the court proceedings, Ponniah entered a plea of not guilty to all eleven charges. The court has granted him bail set at RM210,000, allowing him to remain free while awaiting further legal proceedings.
This case underscores the critical importance of regulatory oversight in the financial sector and serves as a cautionary tale for investors. It illustrates the potential risks associated with fraudulent investment schemes and the consequences of engaging in unlicensed fund management activities. The Securities Commission continues to emphasize the need for vigilance and due diligence in financial dealings to protect investors from similar fraudulent schemes.
As the legal process unfolds, the case of Ruwan Amaresh Shaun Ponniah will likely be closely monitored by both the financial community and the public, highlighting the ongoing efforts to maintain integrity and transparency within the investment industry.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
STARTRADER has once again solidified its leadership in the forex industry with the prestigious Skyline Guide 2024 award for “Company Outstanding Performance in the Forex Industry”.
Crypto.com secures a PSP license in Bahrain, expanding its services and planning a prepaid card launch to support the growing digital economy in the region.
SEC seeks a 4-month extension to review 133,582 documents in the Coinbase lawsuit. The deadline could be extended to February 2025 as crypto regulations tighten.
Recent reports indicate that following a reduction in gold import duties this summer, there has been a significant surge in consumer demand for gold jewelry and bars in India, driving global gold prices to unprecedented levels.