Japan, Indonesia, Malaysia, Philippines, and other Asian neighbor nations are getting featured in the news due to money laundering issues. In recent reports, a businessman from Malaysia is facing money laundering and cheating charges.
The victims have filed a complaint against the businessman named N. Narendran. The authorities have found the connection of the 37-year old businessman to a fraud investment scheme. According to the authorities, the investment scam has a worth of RM 6.3 million.
Different charges against the businessman
Aside from the fraudulent investment scheme charge, Narendran is also sentenced with an additional 10 counts of charges due to the use of forged documents. The charges were brought against the businessman which was read at the Sessions Court.
There were nine counts of charges against Narendran. According to the investigation, he tried to pass off the forged documents from the Perak government. All reports remained as allegations until he was proven guilty on the nine occasions that happened between April 29 and Sept 7 in 2015.
He was also accused of doing the same deed with a forged hospital document. The document was supposedly from the Raja Permaisuri Bainun Hospital which was dated on 31st of October 2015. Other offenses were reported against Narendran wherein it took place at Ganang Resources office located in the Greentown Business Center.
Status of the case
In November, Narendran has been on trial for 105 charges of cheating. The complainant, Hafizul Abdul Hamid, filed a case because he claimed to be deceived by Narendran. According to Hamid’s statement, the businessman persuaded him that they had a deal. He was convinced that they agreed upon in providing disposable medical equipment to the hospital.
In the same year, he and his 50-year old friend have been penalized. Narendran, together with S. Robert, was charged under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act. He also faces four counts of money laundering cases that amount to RM728,000. His friend Robert was slapped with six charges that are worth RM746,400. Based on the statements of complainants, the violations happened between 25th of June and 4th of July 2015.
Charges piled up against Narendran but he pleaded not guilty to all the charges filed against him under Section 471 of the Penal Code. Judge Norashima Khalid handles the case of the 37-year old businessman. He set the bail at RM10,000 along with a pending surety.
Preventing investment scam
Investment scam happens not only in Malaysia but also to other countries such as Japan. They continue to face the substantial risk and challenges regarding money laundering. This type of fraudulent activity is an organized crime that leads the innocent people to financial problems.
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