Former UBB Investment Bank CEO Pleads Not Guilty to RM139.89 Million Fraud Charges

Razlan Raghazli, the former CEO of UBB Investment Bank Ltd (UBBIB), pleaded not guilty to charges of defrauding RM139.89 million. The 43-year-old appeared before Sessions Court Judge Azura Alwi, where the charges were read.

The prosecution alleges that Razlan, in his capacity as CEO, misled Aida Aizura Othman, Managing Director and CEO of UBB Amanah Berhad. He allegedly convinced her to believe that a payment schedule in a UBBIB letter dated September 18, 2025, was consistent with advice from the law firm Tetuan Kassim Tadin, Wai & Co. In reality, the payment schedule reportedly contradicted the firm's advice, leading Aida to release the substantial sum to ELMU Higher Education Sdn. Bhd.

The alleged offense occurred at UBB Investment Bank Limited in Desa Sri Hartamas in September 2025. The charge falls under Section 420 of the Penal Code, which carries a penalty of one to ten years in prison, caning, and a fine. Deputy Public Prosecutor Hazel Tan proposed bail of RM100,000 with one surety, along with a condition prohibiting the accused from contacting prosecution witnesses. Razlan's defense lawyer, Azamudin Abd Aziz, requested bail be reduced to RM50,000, citing his client's unemployment since June, four children, and a sick mother.

Judge Azura granted Razlan bail set at RM60,000 with one surety. The court also ordered him to surrender his passport and barred him from contacting prosecution witnesses. The case is set for document submission on October 12. Separately, lawyer Johan Mohan Abdullah, observing for UBB, requested the media not name the institution in reports, fearing it could affect financial stability and cause panic among depositors. Judge Azura rejected this, stating UBB's name is in the charge sheet and the public has a right to know.