Former UBB Investment Bank CEO pleads not guilty to RM139.8m cheating charge

Razlan Raghazli, a former CEO of UBB Investment Bank, pleaded not guilty in court to a charge of cheating for an alleged payment of RM139.8 million to a private university management company. The court heard that Razlan deceived Aida Aizura Othman, the then Managing Director and CEO of UBB Amanah Berhad, by presenting a payment schedule that differed from legal advice provided by their law firm.

This deceit allegedly led Aida to transfer the substantial sum to ELMU Higher Education Sdn Bhd, a decision she wouldn't have made without the fraudulent influence. The alleged offense, covered under Section 420 of the Penal Code, took place at the bank in Desa Sri Hartamas during September 2025. Upon conviction, Razlan faces a potential jail term of up to ten years, whipping, and a financial penalty.

During the legal proceedings, defense lawyer Azamuddin Abdul Aziz argued for a reduced bail amount of RM50,000 due to his client's unemployment and responsibility for four children and his ailing mother. However, the judge ultimately set bail at RM60,000, with both additional conditions imposed by the prosecution. There was also a contentious request from defense lawyer Johan Mohan Abdullah to ban media from naming the financial institution involved, citing concerns over the potential impact on the bank's stability.

However, the judge dismissed this request and ensured that public interest would be the determining factor in the disclosure of further details regarding the case.