CEO pleads not guilty to a charge of illegal deposit-taking
The Star Online Tuesday January 26, 2010
SEREMBAN: The chief executive officer of a company involved in livestock-farming and beef-production pleaded not guilty at the Sessions Court here to a charge of illegal deposit-taking activities. The charge involved a sum of more than RM70mil within a period of eight months in 2008.
Syed Shareezally Syed Aualadali, 39, who was then Eastana Farm Industries Sdn Bhd director, was charged with committing the offence between February and October at Taman Komersial Senawang, near here. Another company director A. Halim A. Rahman had already claimed trial to the same offence when he was charged on Dec 24. He was released on a RM400,000 bail.
According to the charge, Syed Shareezally allegedly accepted deposits from the public without first obtaining a licence from Bank Negara, as required under Section 6(4) of the Banking and Financial Institutions Act (Bafia) 1989. If found guilty, he is liable to a fine not exceeding RM10mil or imprisonment not exceeding 10 years, or both.
Halim’s case came up for re-mention yesterday and his counsel Zorah Jan Mohd Newaz appealed to the court to reduce bail as he had to fend for his family. However, Bank Negara prosecuting officer Mohd Shukri Ahmad Mansor asked the court to rescind Halim’s bail and not to issue bail for Syed Shareezally as the amount they allegedly collected illegally was too high.
Judge Zamri Bakar ordered bail for both the accused to be set at RM300,000 with one surety each and for them to surrender their passports to the court. Zamri then set Feb 8 for re-mention to allow both the cases to be heard together. Bank Negara officers later arrested the two after they posted bail at the court registry.
It is learnt that they will be charged under section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 at the same court here. On Oct 13, 2008, Bank Negara officers raided the premises of Eastana Farm after complaints from the public that the company was allegedly collecting minimum investments of RM3,000 with promises of high returns.
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26 January, 2010
11 January, 2010
3,000 Fall Prey to Worm Scam
3,000 fall prey to scam
The Star Online 11/01/2009
KULIM: Some 3,000 people all over the country could have been cheated out of more than RM30mil by a company promising them yearly returns of more than 100% in a earthworm farming project to produce organic fertilisers.
More than 200 investors from the northern part of the country staged a peaceful demonstration outside the company premises in Jalan Lunas here yesterday, claiming that some 3,000 people were involved in the scheme. The company had closed down last week after it purportedly failed to pay the rent, which came up to about RM10,000.
Investor Shahibul Hidaya Haliman, 56, from Sungai Dua, Penang, said he had put in RM5,000 in August after being promised a monthly return of RM833.80 for a year. I went back to the company after the returns were not banked in as promised. They told me that there were some problems but assured me the money would be banked in soon. Until now, I have not received anything,” he said.
K. Jayakumar, 42, said he had gone to the company in June last year with a group of friends and invested a total of RM500,000. “I managed to get back about 30% of my investment while some of my friends did not get anything. I also received a RM11,000 cheque which bounced,” he said.
Retired headmaster Omar Ismail, 58, said he had invested RM100,000 between August and October, and although the returns were initially deposited into his bank account, this had stopped last month.
Meanwhile, two directors of Millenium Agrotec (M) Sdn Bhd, which was supposedly carrying out the earthworm farming on behalf of the company, Abdul Kader Omar and Mohd Faizal Mohd Noor said they had lodged police reports that their company’s letterhead had been used to collect investments.
Read more here > http://www.bharian.com.my/Current_News/BH/Monday/BeritaUtama/20100110235631/Article/index_html
# WE ALREADY ALARMED ALL THE INVESTORS FEW MONTHS BACK FOR THE POTENTIAL DISASTERS OF THE COMPANY... BUT DUE TO GREED AND URGES FOR FAST MONEY, NOW THEY REGRETTED IN LEISURE..
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The Star Online 11/01/2009
KULIM: Some 3,000 people all over the country could have been cheated out of more than RM30mil by a company promising them yearly returns of more than 100% in a earthworm farming project to produce organic fertilisers.
More than 200 investors from the northern part of the country staged a peaceful demonstration outside the company premises in Jalan Lunas here yesterday, claiming that some 3,000 people were involved in the scheme. The company had closed down last week after it purportedly failed to pay the rent, which came up to about RM10,000.
Investor Shahibul Hidaya Haliman, 56, from Sungai Dua, Penang, said he had put in RM5,000 in August after being promised a monthly return of RM833.80 for a year. I went back to the company after the returns were not banked in as promised. They told me that there were some problems but assured me the money would be banked in soon. Until now, I have not received anything,” he said.
K. Jayakumar, 42, said he had gone to the company in June last year with a group of friends and invested a total of RM500,000. “I managed to get back about 30% of my investment while some of my friends did not get anything. I also received a RM11,000 cheque which bounced,” he said.
Retired headmaster Omar Ismail, 58, said he had invested RM100,000 between August and October, and although the returns were initially deposited into his bank account, this had stopped last month.
Meanwhile, two directors of Millenium Agrotec (M) Sdn Bhd, which was supposedly carrying out the earthworm farming on behalf of the company, Abdul Kader Omar and Mohd Faizal Mohd Noor said they had lodged police reports that their company’s letterhead had been used to collect investments.
Read more here > http://www.bharian.com.my/Current_News/BH/Monday/BeritaUtama/20100110235631/Article/index_html
# WE ALREADY ALARMED ALL THE INVESTORS FEW MONTHS BACK FOR THE POTENTIAL DISASTERS OF THE COMPANY... BUT DUE TO GREED AND URGES FOR FAST MONEY, NOW THEY REGRETTED IN LEISURE..
GET THE VALID, LEGIT AND LEGAL BIZ HERE.
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04 January, 2010
CEO now faces car rental scam probe
Monday January 4, 2010
KUALA LUMPUR: A chief executive who has been charged with money laundering is in more trouble — a police report has been lodged against him alleging fraud in a rental car investment scheme.
Some 70 people lodged the report against Noradz Travel and Services Sdn Bhd at the Ampang Jaya police station yesterday, claiming they did not receive dividends which were promised to them after investing thousands of ringgit in the scheme.
On Dec 22, the company’s chief executive Datuk Adzhar Sulaiman and his two daughters – Noradzma Adzhar and Noradzrin Adzhar – were charged in the Sessions Court here with 360 counts of money laundering amounting to RM60mil. Earlier in October, the company was raided by Bank Negara on suspicion of illegal deposit taking and money laundering.
According to investors, the company invited them to put in money and they were promised regular dividends.The victims said in a statement which was distributed to the press that they invested RM3,300 for a car. They had been promised monthly dividends of RM250 for each car. They claimed that the number of investors numbered in the thousands and most of them were bumiputras from all over the country.
They added that the investors were from all walks of life, including police officers, teachers, single mothers, villagers and orphanage houses. A victim, who only wanted to be known as Alai, 27, felt confident with the scheme because the company drew up an impressive agreement. “They showed pictures of the rented cars which were supposedly from our investments,” he said. Alai invested a total of RM48,000 since he started in 2007 and received dividends regularly until November last year when it stopped.
Another investor, clerk Siti Norazura Nazarudin, 24, from Seremban who had invested RM20,000 for 10 cars since 2005, said she contacted Adzhar the moment she learnt about the Bank Negara raid. “He said the investigation was only temporary and everything would be back to normal. He also paid my dividend with a cheque but the cheque bounced,” she said.
The investors said they learnt of the scheme through word of mouth. Those interested would be invited to attend seminars at luxury hotels. The scheme was also advertised in newspapers. The company also said they had agents nationwide to attract more investors.
The Star Online By SARAH ABDULLAH
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