The Securities Commission Malaysia (SC) began investigation in February 2007 following complaints lodged by the Australian Securities and Investment Commission and the Dubai Financial Services Authority (DFSA). Cross border investigations by SC revealed that cold calls were made to investors in Australia and Singapore by individuals claiming to be from Cambridge Capital Trading, purportedly a member of the Dubai Options Exchange, offering investments in, amongst others, options in the Australian Dollar. The investors had deposited their money into a CIMB Bank Berhad bank account in Kuala Lumpur.
High Court Judge YA Dato Su Geok Yam had on 2 April 2010 ordered the monies in two CIMB Bank Berhad bank accounts to be frozen under Section 61(4) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).
The Order was served today on CIMB Bank for the release of the monies to the 14 investors through their lawyer.
The 14 investors had entered their appearance in September 2008 through their Malaysian counsel, pursuant to a Notice under s62(1) of AMLATFA. The High Court decided that the 14 investors were in fact defrauded by the scam and did not collude in any way with the perpetrators.
SECURITIES COMMISSION MALAYSIA
