Fadzli was originally charged by the SC on 9 November 2023 with three charges under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for holding himself out as carrying on a business in fund management without a licence.

Subsequently on 29 November 2023, Fadzli faced a further nine charges under section 4(1)(b) of the Anti-Money Laundering, Terrorism Financing and Proceeds of Unlawful Activities 2001 (AMLATFPUAA) for money laundering. Both cases were jointly tried.

At the trial, the prosecution called 23 witnesses, including six victims who collectively suffered losses amounting to RM1.263 million. The offences took place between August 2018 and April 2020 in Kuala Lumpur and Melaka. Upon defence being called, Fadzli elected to testify under oath and called no other witnesses in support of his defence.

In delivering her decision today, Sessions Court judge Puan Hamidah binti Mohamed Deril found that Fadzli had failed to raise a reasonable doubt in the prosecution’s case. She then sentenced him to five years imprisonment for each of the 12 charges, and order that the terms be served concurrently.

A person who is convicted under section 58(1) of the CMSA is liable to a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both.

In respect of the money laundering offences, the applicable law provides for a maximum imprisonment term of 15 years and a fine of not less than five times the value of the proceeds of the unlawful activity or RM5 million, whichever is higher.

The SC was represented by SC Deputy Public Prosecutor Mageswary Karroppiah and Prosecuting Officers Low Wen Zhen, Jonathan Chin Ter Yang and Mark Rohan Mahadevan, while Fadzli was represented by defence counsel Puvarasan Balaiyah.