Thu Sep 19 04:27:00 UTC 2024: ## Former Investment Banker Charged with Defrauding Investors
**Kuala Lumpur, Malaysia** – A former investment banker has been charged with defrauding investors of RM201,000 by falsely promising them returns on share investments. Ruwan Amaresh Shaun Ponniah, 35, was an associate director at CIMB Investment Bank between 2018 and 2020 when he allegedly committed the offenses.
The Securities Commission (SC) has charged Ponniah with 10 counts of violating Section 179(b) of the Capital Markets and Services Act 2007 (CMSA). He allegedly misrepresented his ability to invest the funds in shares listed on Malaysian and foreign stock exchanges to seven individuals. If found guilty, he faces a maximum of 10 years imprisonment and a fine of at least RM1 million.
Additionally, Ponniah faces a single charge under Section 58(1) CMSA for operating as a fund manager without proper licensing. Fund management is a regulated activity under the CMSA, requiring individuals to obtain a license from the SC. Ponniah could face up to 10 years imprisonment and a maximum fine of RM10 million for this charge.
Ponniah pleaded not guilty to all 11 charges and was granted bail totaling RM210,000.
The SC encourages the public to use their “Investment Checker” tool, accessible on their website (www.sc.com.my/investment-checker), to verify the legitimacy of any individual or entity offering capital market products or services in Malaysia.
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