Hasri Mohd Noor, a director of Business Time Dina Sdn Bhd, a company related to Pan Phoenix Dina Sdn Bhd, has been sentenced to six years' jail by the Brunei High Court on August 7 for illegal deposit-taking.
Hasri is being prosecuted in Malaysia now for possible offences under Section 25(1) of the Banking and Financial Institutions Act 1989 and Section 4(1) Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
In a related development, on July 30, Phang Wah and Jackie Hoo Choon Cheat of Sunshine Empire Sdn Bhd, was sentenced by a District Court in Singapore to nine years' and seven years' jail, respectively, for an investment scam.
On June 3, Sunshine Empire was fined RM2 million after pleading guilty at the Kuala Lumpur Sessions Court to two charges under Section 25(1) of Bafia for accepting deposits from members of the public without a valid licence.
Members of the public are reminded not to place any monies or deposits with unlicensed institutions or be involved in any form of get-rich-quick schemes to avoid losing their hard-earned money," Bank Negara Malaysia said.
A list of institutions licensed to accept deposits is available on Bank Negara's website at www.bnm.gov.my. Information related to illegal financial schemes and actions taken by the central bank can be accessed at its Financial Fraud Alert Site (http://fraudalert.bnm.gov.my).