Ex-UBB Investment Bank CEO claims trial to RM139mil cheating charge

Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, appeared in the Sessions Court today to enter a plea of not guilty to a charge of cheating amounting to RM139.8 million. The charge was read by Judge Azura Alwi and pertains to deceiving Aida Aizura Othman, the Managing Director and CEO of UBB Amanah Berhad, into believing a payment schedule was in line with legal advice.

The accused was alleged to have knowingly provided a payment schedule that contradicted legal advice from Kassim Tadin, Wai & Co. The act is said to have led Aida Aizura to release RM139,891,776 to ELMU Higher Education Sdn Bhd, a sum she would not have paid if she had not been misled. The offence, under Section 420 of the Penal Code, allegedly took place in September 2025 at the bank in Desa Sri Hartamas.

Upon conviction, Razlan faces up to 10 years imprisonment, whipping, and a fine. Deputy Public Prosecutor Hazel Tan Jia Qi proposed bail at RM100,000 with one surety and additional conditions including passport surrender and a ban on communication with prosecution witnesses. However, Razlan's lawyer Azamuddin Abdul Aziz requested a bail reduction to RM50,000, citing his client's unemployment since June and financial responsibilities.

The court set bail at RM60,000 with the same conditions and a mention date of October 12. A request by lawyer Johan Mohan Abdullah, representing UBB, for a court order to prevent media from naming the institution was denied, as the public has a right to know further details of the case.