On 29 April 2015, Ramesh was charged at the Kuala Lumpur Sessions Court with three (3) counts of insider trading under s.188(2)(a) of the Capital Markets and Services Act 2007. 

In the first charge, he was alleged to have disposed 5,000,000 MMM shares on 11 January 2010, while in possession of material inside information relating to the proposed downgrade by Malaysian Rating Corporation Berhad of its credit rating on MMM's RM120 million Al-Bai' Bithaman Ajil Islamic Debt Securities from A-ID to BB+ID.

On 11 September 2019, the Sessions Court found Ramesh guilty on all counts. Ramesh was sentenced to 5 years imprisonment and a fine of RM3 million (in default 3 years imprisonment) for each charge. The jail terms were ordered to run concurrently.

Ramesh appealed against conviction and sentence to the High Court. He was granted a stay of the jail term and fine pending the appeal. On 20 May 2021, the High Court allowed Ramesh’s appeal and set aside his conviction and sentence on all 3 charges.

The SC subsequently filed an appeal to the Court of Appeal against Ramesh’s acquittal.

On 11 December 2023, the SC with the consent of the Public Prosecutor, decided not to pursue its appeal at the Court of Appeal in respect of the second and third charges.

On 6 May 2024, the Court of Appeal set aside the High Court’s decision and restored the conviction by the Sessions Court on the first charge. The Court further ordered for the case to be remitted to the High Court for merits to be heard before a new judge.

Pending the appeal at the High Court, the Court of Appeal imposed bail of RM200,000 against Ramesh. He is also required to surrender his passport to the court. The bail conditions are similar to what was imposed on him during the trial at the Sessions Court.

Abetting one Gordon Toh Chun Toh to engage in an act which operates as a fraud in connection with the purchase of securities.

Daniel Wong was charged with 1 count under section 122C(c) read together with section 87A(b) of the Securities Industries Act 1983.

He is alleged to have abetted Gordon Toh Chun Toh (Gordon Toh) in engaging in an act which operated as a fraud on Multi-code Electronics Industries (M) Berhad (Multi-Code), whereby RM17.6 million was defrauded from Multi-Code, and out of which RM17.5 million was utilized by Gordon Toh to finance the purchase of 11.1 million Multi-Code shares.

ITB was charged in the Kuala Lumpur Sessions Court on 30 April 2024.

Sophia was charged with 1 count under section 58(1) read together with sections 370(b) and 367(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Infinity Trustee Berhad (ITB) on 11 October 2022 for acting in furtherance of Pixelvest Sdn. Bhd.’s offence of carrying on a business in fund management without holding a CMSL or being a registered person.

Sophia was deemed to have committed the offence by virtue of her position as director of ITB at the material time.

Carrying on a business in a regulated activity, namely fund management, without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Ang Jen Chuen (Dexter)

Dexter was charged with 1 count under section 58(1) read together with section 367(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Pixelvest Sdn. Bhd. (Pixelvest)  between 15 December 2020 and 15 July 2022 for carrying on a business in fund management without holding a CMSL or being a registered person.

Dexter was deemed to have committed the offence by virtue of his position as director of Pixelvest at the material time.

Dexter was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

Carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Chin Wai Lan (Sophia)

Sophia was charged with 1 count under section 58(1) read together with section 367(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Pixelvest Sdn. Bhd. (Pixelvest)  between 15 July 2022 and 31 August 2022 for carrying on a business in fund management without holding a CMSL or being a registered person.

Sophia was deemed to have committed the offence by virtue of her position as director of Pixelvest at the material time.

Sophia was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

Acting in furtherance of carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Syaiful Riezal bin Ahmad (Syaiful)

Syaiful was charged with 2 counts under section 58(1) read together with sections 370(b) and 367(1) of the Capital Markets and Services Act 2007. The charges were in relation to 2 offences committed by Infinity Trustee Berhad (ITB) between 1 December 2020 and 11 October 2022 for acting in furtherance of Pixelvest Sdn. Bhd. (Pixelvest) carrying on a business in fund management without holding a CMSL or being a registered person. 

Syaiful was deemed to have committed the offence by virtue of his position as Chief Executive Officer (CEO) of ITB at the material time.

Syaiful was charged in the Kuala Lumpur Sessions Court on 26 February 2024.

Securities Fraud

Chuah Hock Heng (Peter Chuah)

Peter Chuah was charged with 1 count of securities fraud under section 179(b) of the Capital Markets and Services Act 2007.

He is alleged to have, directly in connection with the purchase of securities, namely in shares of Industronics Berhad, MNC Wireless Berhad, Visdynamics Holdings Berhad and Solution Engineering Holdings Berhad, engaged in an act which operated as a fraud upon an individual by making a false representation to the said individual of a purported investment scheme in shares.

The alleged offence occurred between 28 March 2014 to 30 April 2014.

Peter Chuah was charged in the Kuala Lumpur Sessions Court on 19 February 2024.

Holding out as carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Chuah Hock Heng (Peter Chuah)

Peter Chuah was charged with 2 counts under section 58(1) of the Capital Markets and Services Act 2007 for holding himself out as carrying on a business in a regulated activity namely dealing in securities without holding a CMSL or being a registered person.

The alleged offences occurred between February 2014 to April 2014.

Peter Chuah was charged in the Kuala Lumpur Sessions Court on 19 February 2024.

Mohd Arif Fadzlee Bin Mohd Arifin (Arif)

Mohd Arif Fadzlee Bin Mohd Arifin (Arif)

Arif was charged with 1 count under section 362(3) of the Capital Markets and Services Act 2007 for using the title of “Unit Trust Consultant” which created the belief that he was licensed to perform a function in relation to the regulated activity of dealing in securities when he did not hold a CMSRL in or around 2011.

Dexter was charged with 8 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving proceeds of unlawful activity between December 2020 and January 2023.