The Malaysia Securities Commission (SC) has charged Razrul Anwar bin Rusli at the Kuala Lumpur Sessions Court for allegedly defrauding five investors of RM3.159 million through fictitious investments. Razrul faces eight charges under section 179(b) of the Capital Markets and Services Act 2007 for allegedly falsely representing that investors’ funds would be invested in “Amal Trust”, a purported scheme offering Shariah-compliant bonds with high returns. He also faces two further charges for alleged unlicensed capital market activities: holding himself out as dealing in securities under section 58(1) despite not holding a Capital Markets Services Licence or being registered for dealing in securities, and using descriptions on the Amal Trust website under section 362(3) that allegedly created the belief the scheme complied with securities laws and that he was licensed when he was not. The alleged offences took place between April 2019 and April 2021 in Kuala Lumpur, Selangor and Penang, and carry penalties including imprisonment and fines depending on the charge. Razrul claimed trial to all 10 charges and was granted bail of RM500,000 with two local sureties, with conditions including surrendering his passport and monthly reporting to the SC’s investigating officer. The SC urged the public to verify investment offers through its Investment Checker.

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