Company director jailed 67 months for investment fraud

by BERNAMA

BUKIT MERTAJAM – A company director was sentenced to a total of 67 months jail after he pleaded guilty to six counts of investment fraud in two Magistrates Court here today.

In the court before Magistrate Mohd Zaki Abd Rahman, Lim Siong Aik (picture), 44, who is a director at BIA 1983 Resources, was charged with four counts of the offence and was sentenced to imprisonment for 12 months, 15 months, 10 months and 12 months, on each count, respectively.

He was also charged with two counts of a similar offence before Magistrate Sri Pracha Nanthini Balabedha and was sentenced to nine months jail on each count.

However, Lim was ordered to serve all the jail sentences concurrently, from today.

According to the charge sheet, Lim was charged with offering a share investment of as low as RM120 and the promised returns would be made accordingly to the dates given to the six victims in the Seberang Perai Tengah area early this year.

The victims claimed to have made the payment in stages into the bank account belonging to Lim’s company, which amounted to RM72,200, but they did not receive any returns as promised.

The charge against Lim was made under Section 424 of the Penal Code, which provides an imprisonment for up to five years, or fine, or both, upon conviction.

Deputy public prosecutor Kalaivanan Murthy prosecuted, while Lim was unrepresented.