Kuala lumpur: A former chief executive officer (CEO) of an investment bank pleaded not guilty in the Sessions Court here today to a charge of cheating regarding a payment of RM139.8 million to a private university management company. Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, entered the plea after the charge was read out to him before Judge Azura Alwi.
According to BERNAMA News Agency, Razlan was charged with deceiving the Managing Director and CEO of UBB Amanah Berhad, Aida Aizura Othman, by making her believe that a payment schedule contained in a letter from UBB Investment Bank Limited was in accordance with legal advice. The letter, titled 'Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)' and dated September 18, 2025, was signed by Razlan and falsely claimed to follow legal advice from the firm Kassim Tadin, Wai and Co.
The accused allegedly knew that the payment schedule contradicted the advice from the law firm. This act led Aida Aizura to release RM139,891,776 to ELMU Higher Education Sdn Bhd, a payment she would not have authorized had she not been deceived. The offence falls under Section 420 of the Penal Code and was allegedly committed at the bank in Desa Sri Hartamas in September 2025.
Should Razlan be convicted, he could face up to 10 years in prison, whipping, and a fine. During the hearing, Deputy Public Prosecutor Hazel Tan Jia Qi proposed a bail of RM100,000 with one surety and additional conditions requiring Razlan to surrender his passport and not interfere with prosecution witnesses.
Razlan's lawyer, Azamuddin Abdul Aziz, requested a reduction of the bail to RM50,000, citing his client's unemployment since June and responsibilities to support four children and an ailing mother. Judge Azura set the bail at RM60,000 with the conditions proposed by the prosecution and scheduled October 12 for mention and document submission.
The proceedings took an interesting turn when lawyer Johan Mohan Abdullah, representing UBB with a watching brief, requested a court order to prohibit the media from naming the financial institution, arguing that it might undermine financial stability and cause panic among depositors. Judge Azura, however, emphasized the public's right to be informed about the case.