Three siblings in Ipoh appeared in court and pleaded not guilty to 19 counts of accepting deposits worth RM5.6 million without a valid license. M. Vijendran, 41, Danial Marnokaran Abdullah, 36, and M.Thaewendran, 32, faced the charges before judge Ainul Shahrin Mohamad on Tuesday (Feb 20).
According to the charge sheets, the brothers, who were former directors of a company dealing with cryptocurrency, allegedly received deposits totaling RM5.6 million between November 2016 and December 2020 from various individuals. The charges were brought under Section 137 (1) of the Financial Services Act 2013, with potential penalties of up to 10 years in jail, a fine not exceeding RM50 million, or both.
Deputy public prosecutor Mohammad Haiqal Asyraf Suhaimi requested RM100,000 bail for each accused, while their counsel, C.V. Krishnadevan, requested a lower amount. He indicated that his clients had filed for a judicial review at the Kuala Lumpur High Court on February 19, arguing that the charges were improper. He also cited the financial situation of his clients, with one declared bankrupt, one without a fixed income, and one whose business has been severely affected. On this basis, Ainul Shahrin Mohamad set bail at RM20,000 for each accused and scheduled the next mention for April 18.
Some of the accused’s well-being was brought into question by their lawyer when they asked for a reduced bail in court. The counsel also mentioned that their clients had submitted a judicial review and stressed that his clients have been cooperative with the police. However, there was a mention of their bankruptcy and their businesses being severely affected.
The proposed bail was questioned by the defense during the hearing. Additionally, the counsel shared that a judicial review had been submitted and stressed the cooperation of the accused with the police. However, mention of bankruptcy and the impact on businesses was made.
Ainul Shahrin Mohamad then set bail at RM20,000 for each accused, and the next mention for the case was scheduled for April 18.
