Who was the victim of the alleged RM139.8m deception?

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Aida Aizura Othman was the victim of the alleged RM139.8 million deception.

The Managing Director and CEO of UBB Amanah Berhad, Aida Aizura Othman, was the victim of an alleged deception involving a payment of RM139.8 million. This deception led her to authorise a payment schedule that contradicted legal advice. The former CEO of UBB Investment Bank Limited, Razlan Raghazli, has pleaded not guilty to the charge of cheating.
Deception Regarding Payment Schedule

Razlan Raghazli is accused of deceiving Aida Aizura Othman by presenting a payment schedule in a UBB Investment Bank Limited letter as being in accordance with legal advice. This letter, dated September 18, 2025, and titled ‘Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)’, was purportedly signed by the accused and indicated compliance with advice from the law firm Kassim Tadin, Wai & Co.
Contradiction of Legal Advice

The core of the alleged deception lies in the assertion that the payment schedule within the UBB Investment Bank Limited letter actually contradicted the advice provided by the law firm. Razlan Raghazli allegedly knew this fact when presenting the letter to Aida Aizura Othman.
Financial Loss to ELMU Higher Education Sdn Bhd

As a direct consequence of this alleged deception, Aida Aizura Othman was induced to release a payment totalling RM139,891,776 to ELMU Higher Education Sdn Bhd. It is understood that she would not have authorised this significant disbursement had she not been misled by the misrepresented legal advice.

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Who was the victim of the alleged RM139.8m deception?

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