A former unit trust consultant has been sentenced to imprisonment and fined RM2 million after pleading guilty to securities fraud offences involving fraudulent unit trust investment schemes that resulted in investors’ funds being misappropriated.
The Securities Commission Malaysia (SC) said former unit trust consultant Amran Mohd Amin, 59, was sentenced by the Kuala Lumpur Sessions Court after admitting to multiple offences under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA).
Amran pleaded guilty to one charge, while a second charge under the same provision was taken into consideration, the court sentenced him to 18 months’ imprisonment and imposed a RM1 million fine, with an additional six months’ jail in default of payment.
In separate proceedings Amran again pleaded guilty to a charge under Section 179(b) of the CMSA read together with Section 34 of the Penal Code. A second related charge was similarly taken into consideration under the CPC. The court imposed another 18-month prison sentence and a RM1 million fine, with six months’ imprisonment in default.
The court ordered both prison terms to run concurrently from September 8, 2025, the date of Amran’s arrest. Should he fail to pay the RM2 million in fines, he will be required to serve an additional 12 months’ imprisonment after completing the concurrent jail sentence.
The convictions followed Amran’s plea bargain application under Section 172C of the CPC.
According to the SC, Amran was first charged in September 2025 over false representations made to a father and son, convincing them that RM195,000 entrusted to him would be invested in unit trust funds managed by Kenanga Investors Berhad (KIB).
Investigations found that instead of investing the funds on behalf of the victims, Amran diverted the money into his own unit trust investments with KIB without their knowledge or consent.
The funds were later redeemed and used for personal purposes, including rental payments, land purchases, cash withdrawals and transfers to third parties.
In a separate case, Amran and his former wife, Nadihah Nawi, were jointly charged with making similar false representations to a married couple involving RM20,000. The funds were allegedly channelled into Nadihah’s personal unit trust investments in KIB without the couple’s knowledge or approval.
The offences were committed between July 2021 and June 2022 in Kuala Lumpur.
At the time of the offences, Amran was a licensed unit trust consultant with RHB Asset Management before later joining Kenanga Investors Berhad.
The SC said it will continue prosecuting Nadihah, whose trial has been scheduled before the Kuala Lumpur Sessions Court in October and November 2026.
