Former Unit Trust Consultant Jailed 18 Months, Fined RM2 Million for Investment Fraud

A former unit trust consultant has been sentenced to 18 months in prison and fined RM2 million by two Kuala Lumpur Sessions Courts after admitting guilt on two counts of investment fraud. The offenses, which occurred five years ago, involved Amran Mohd. Amin, 59, indirectly participating in a fraudulent operation concerning the purchase of securities.

Before Judge Azrul Darus, Amran was charged with deceiving a 70-year-old victim. The consultant misrepresented an investment opportunity, leading the victim to purchase a bank draft worth RM130,000 for investment in Kenanga Investors Berhad. This money was subsequently used to buy units in the accused's account at Kenanga Investors Berhad between December 2021 and February 2022.

In a separate case before Judge Ilmami Ahmad, Amran faced a similar charge. He defrauded a 37-year-old man, causing him to purchase a bank draft valued at RM10,000 for the same fraudulent investment purpose. This incident took place at the same location between January 20 and June 27, 2022.

Both charges were brought under Section 179(b) of the Capital Markets and Services Act 2007, carrying a penalty of up to 10 years imprisonment and a minimum fine of RM1 million. The courts imposed an 18-month prison sentence and a RM1 million fine for each charge, with an alternative of six months' imprisonment if the fine is not paid. The prison sentences are to run concurrently starting from his arrest date on September 8, 2025.