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News Starprobe Business Multimedia Interactive Metro Sports Lifestyle Entertainment Tech Education MyStar News Home > News > Nation Nation Sarawak World Updates Courts Parliament Columnists Opinion Honours List Published: Wednesday April 13, 2011 MYT 3:57:00 PM Ponzi scheme investors allowed to recover money By M. MAGESWARI KUALA LUMPUR: The Sessions Court has ordered RM8.2mil recovered from a woman director who ran a RM100mil Ponzi scheme to be returned to 600 investors. Judge S.M. Komathy Suppiah granted the investors' claims after hearing evidence from eight of their representatives in a show cause enquiry. The representatives were asked to show cause why the monies they lost to the woman, Raja Noor Asma Raja Harun, 49, should not be forfeited to the Government. About 4,000 investors comprising teachers, a Syariah judge and legal practitioners, from all states, had invested more than RM100mil in the Ponzi scheme run by Raja Noor Asma between 2007 and 2008. On Wednesday, Komathy held that that it was clear from the evidence of the claimants that they did not know they could have checked or consulted with Bank Negara Malaysia and the Securities Commission (SC) on the legality of the scheme. "It is equally clear from the evidence that they all thought they were investing in a legitimate scheme," she added. "In the light of these facts, I order that the monies seized in this case be returned to the claimants." Komathy also granted a stay of her ruling pending an appeal upon an application by the prosecution. Earlier this year, Raja Noor Asma, a director of FX Capital Consultant (M) Sdn Bhd and FX Consultant, was jailed seven years and fined RM5mil after she admitted to 50 counts of money laundering and four SC charges. More in The Star Thursday Teoh inquiry: Witnes DAP member Idris Jala: PM assur SMS alerts for credit January Umi Hafilda's RM10 Ponzi scheme invest News Poll Should Malaysia contin the current contract en Yes No View Do you expect the 10th in the state’s history? Na VOTE Classifieds Jobs Property Motoring Kuali Women Parenting Youth AllMalaysia GMN Search Climate Change News Timely & Daily Access to Free News. Free Daily Email Update. Join Now! www.DailyClimate.org Page 1 of 3 Ponzi scheme investors allowed to recover money 13-Apr-11 http://thestar.com.my/news/story.asp?file=/2011/4/13/nation/20110413160433&sec=n...
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News Home > News > Nation
Nation
Sarawak
World Updates
Courts
Parliament
Columnists
Opinion
Honours List
Published: Wednesday April 13, 2011 MYT 3:57:00 PM
Ponzi scheme investors
allowed to recover moneyBy M. MAGESWARI
KUALA LUMPUR: The Sessions Court has ordered RM8.2mil recovered
from a woman director who ran a RM100mil Ponzi scheme to be returned
to 600 investors.
Judge S.M. Komathy Suppiah granted the investors' claims after hearing
evidence from eight of their representatives in a show cause enquiry.
The representatives were asked to show cause why the monies they lost
to the woman, Raja Noor Asma Raja Harun, 49, should not be forfeited tothe Government.
About 4,000 investors comprising teachers, a Syariah judge and legal
practitioners, from all states, had invested more than RM100mil in the
Ponzi scheme run by Raja Noor Asma between 2007 and 2008.
On Wednesday, Komathy held that that it was clear from the evidence of
the claimants that they did not know they could have checked or
consulted with Bank Negara Malaysia and the Securities Commission
(SC) on the legality of the scheme.
"It is equally clear from the evidence that they all thought they wereinvesting in a legitimate scheme," she added.
"In the light of these facts, I order that the monies seized in this case be
returned to the claimants."
Komathy also granted a stay of her ruling pending an appeal upon an
application by the prosecution.
Earlier this year, Raja Noor Asma, a director of FX Capital Consultant (M)
Sdn Bhd and FX Consultant, was jailed seven years and fined RM5mil
after she admitted to 50 counts of money laundering and four SC
charges.
More in The Star Thursday
Teoh inquiry: Witnes
DAP member
Idris Jala: PM assur SMS alerts for credit
January
Umi Hafilda's RM10
Ponzi scheme invest
News Poll
Should Malaysia contin
the current contract en
Yes
No
View
Do you expect the 10th
in the state’s history?
Na
VOTE
Classifieds Jobs Property Motoring Kuali Women Parenting Youth AllMalaysia GMN
Search
Climate Change NewsTimely & Daily Access to Free News. Free Daily Email Update. Join Now!www.DailyClimate.org
Page 1 of 3Ponzi scheme investors allowed to recover money
13-Apr-11http://thestar.com.my/news/story.asp?file=/2011/4/13/nation/20110413160433&sec=n ...
