A former chief executive officer (CEO) of UBB Investment Bank Ltd (UBBIB) pleaded not guilty at the Sessions Court here today to a charge of cheating involving a payment of RM139.89 million last year.
Razlan Raghazli, 43, entered the plea after the charge was read before Sessions Court Judge Azura Alwi.
According to the charge, Razlan, who was the CEO of UBBIB at the time, allegedly deceived UBB Amanah Berhad managing director and CEO Aida Aizura Othman into believing that a payment schedule contained in a UBBIB letter titled Disbursement Advice on Islamic Property Financing Under Bai-Bithamin Ajil (BBA) dated September 18, 2025, was consistent with advice provided by law firm Messrs Kassim Tadin, Wai & Co.
Razlan is alleged to have known that the payment schedule actually contradicted the legal advice provided by the firm, resulting in Aida releasing RM139,891,776 to ELMU Higher Education Sdn Bhd.
The prosecution alleged that Aida would not have released the money had she not been deceived.
The alleged offence was committed at UBB Investment Bank Limited, Galeria Hartamas, Desa Sri Hartamas, in September 2025.
Razlan was charged under Section 420 of the Penal Code, which carries a minimum jail term of one year and a maximum of 10 years, whipping and a fine upon conviction.
Deputy Public Prosecutor Hazel Tan proposed bail of RM100,000 with one surety, together with an additional condition prohibiting Razlan from communicating or meeting any prosecution witnesses.
However, defence lawyer Azamudin Abd Aziz, representing Razlan, asked the court to reduce the bail to RM50,000, citing his client’s unemployment since June.
The lawyer said Razlan has four children and is also supporting his ailing mother, making the proposed RM100,000 bail burdensome. The defence also assured the court that Razlan would comply with any additional conditions imposed.
After hearing submissions from both sides, the court granted Razlan bail of RM60,000 with one surety.
The court also ordered him to surrender his passport and prohibited him from contacting or interfering with any prosecution witnesses.
The case was fixed for October 12 for further mention and the submission of documents.
