JOHOR BARU: A former company executive officer has been charged in the Sessions Court here over an illegal investment scheme.

       Muhamad Fadzli Jamaludin, 31, pleaded not guilty to the charge after it was read to him in front of judge Fatimah Zahari yesterday.

       Based on the charge sheet, the accused had allegedly accepted a deposit of RM10,000 from a 56-year-old man for an investment scheme that was not licensed under Section 10 of the Financial Services Act 2013.

       The act is an offence under Section 137(1) of the Financial Services Act 2013, which carries a prison term of up to 10 years, a RM50mil fine or both, upon conviction.

       The offence was allegedly committed in Jalan Manis at Taman Manis Kelapa Sawit, Kulai, at 11.27pm in March last year.

       Deputy public prosecutor Chai Ing Hien prosecuted the case while lawyer B. Puvarasan represented Muhamad Fadzli.

       Chai asked the court to impose RM20,000 bail in one surety.

       Puvarasan asked for a lower bail, saying Muhamad Fadzli was unemployed and had to take care of his wife and a two-year-old daughter.

       Fatimah allowed bail at RM8,000 and set Sept 29 for next mention.

       Muhamad Fadzli posted bail.