Businessman in Online Investment Scam

29 February 2008
Kuala Lumpur

Phazaluddin Abu became the first person to be produced in court by the Securities Commission (SC) for unlawfully representing himself as a fund manager through a website. The 47-year-old general manager of a computer company claimed trial to the charge.

It is believed that over 100 Malaysians have invested RM65 million over three months via the website,, where Phazaluddin allegedly represented himself as a fund manager without a license from the SC. He was accused of committing the offence Affiliate Shoppers Network at No. 14 Jalan Opera C, Shah Alam between 3 January and 22 June 2007.

The website offered investments opportunities between US$25 and $1,000 for 100 days, promising returns of between 2.2% to 3.15% daily. The operation was shut down on 22 June 2007.

The judge set bail at RM200,000 in one surety and ordered Phazaluddin to surrender his passport. The trial has been also been fixed for five days from 3 November 2008.

The Star Online – Businessman charged with Net scam

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