What investment scheme led to a RM9 million loss?

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Company Director Charged Over RM9 Million Property Investment Scheme Deception

A company director has been charged with cheating a lawyer in relation to a property development investment scheme in Johor, which resulted in a loss of RM9 million. The accused allegedly deceived the lawyer into believing that RM9 million would be used for specific development projects.
Deception Regarding Property Development Projects

The charges state that the 52-year-old director misled the 56-year-old lawyer by falsely representing the intended use of RM9 million. The funds were purportedly to be allocated for mining operations, a restaurant business, and the Medini Square development project in Johor Bahru.
Incident Timeline and Financial Loss

This alleged deception occurred over a period of approximately two months, between March 31 and June 2, 2014. The total financial loss incurred by the victim as a result of this scheme amounted to RM9 million.
Legal Proceedings and Bail Conditions

The accused, who has since been declared bankrupt, pleaded not guilty to the charges under Section 420 of the Penal Code. The court set bail at RM75,000 with one surety, and imposed an additional condition that the accused must report to the police station once a month until the case concludes. The case has been set for re-mention on May 4.

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What investment scheme led to a RM9 million loss?

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