Selangor Journal
A Court’s gavel. — Picture via UNSPLASH

Money laundering: Former company owner jailed three years, fined RM1.14 mln

SHAH ALAM, Feb 28 — A former printing company owner was jailed for three years and fined a total of RM1.14 million by the Sessions Court here today after being found guilty on charges of money laundering and concealing RM1,798,732.59 belonging to a woman.

Judge Yang Zaimey Yang Ghazali pronounced the sentence on S. Vinoad, 33, after finding the defence failed to raise reasonable doubt.

The court ordered a two-year jail sentence for concealment charge and a three-year jail term and fines of RM420,000 and RM720,000 for the money laundering charge and ordered the sentences to run consequently beginning today.

The accused, who is currently unemployed, would be jailed for two years if he failed to settle the fine.

According to the charges, Vinoad is accused of concealing RM1,798,732.59 belonging to a 62-year-old woman by depositing it into a bank account of his company, Five Elements Services although he knew the money did not belong to him.

He was accused of committing the offence at Hong Leong Islamic Bhd di Jalan Tengku Ampuan Zabidah 9/D, Seksyen 9 Shah Alam, Selangor on March 9, 2018 under Section 424 of the Penal Code.

Vinoad was also found guilty on two counts of transferring funds of RM85,000 and RM144,000, which were proceeds of illegal activities, from the current account of Five Elements Services into other people’s accounts. He was accused of committing the offences at CIMB Bank Berhad Pelabuhan Klang branch, Jalan Chungah, Off Jalan Sekolah, Port Klang, Selangor on February 12, 2018 under subsection 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Meanwhile, Vinoad’s aunt, M. Manimala, 47, was sentenced to five years jail and fined RM30,000 after being found guilty on a charge of cheating the same victim by deceiving the woman into believing that there was a fixed deposit promotion with an interest rate of 4.38 per cent by Hong Leong Bank.

Her actions caused the victim to transfer RM1,798,732.59 into the Five Elements Services bank account, something the victim would not have done if she had not been deceived.

She was accused of committing the offence at Hong Leong Islamic Bhd at Jalan Tengku Ampuan Zabidah 9/D, on February 8, 2018, under Section 420 of the Penal Code. The former bank executive would also be jailed for a year if she failed to settle her fine.

Defence counsels Vemal Arasan and Saravanan, who represented both the accused, sought a suspension of the prison sentences and fines while waiting for their appeal at the High Court but deputy public prosecutor Mohd Afiq Zuber objected to the request, and urged that the accused by given sentences comensurate with their crimes as it involved losses of millions of ringgit to the victim.

The court allowed the suspension of sentence with the amount of bail raised to RM5,000 for each of the accused.

— Bernama

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