Insurance agent pleads not guilty to RM900,000 fraud scheme in court
An insurance agent has been charged in court for allegedly deceiving a man out of RM900,000. Teong Chooi Tim, 45, pleaded not guilty to the offence, which involved false claims about a financial management company. The case will return to court on January 27.
The incident took place between November 25 and December 22, 2023, at a residential unit in Persiaran Alam Damai, Cheras. Teong allegedly convinced the victim that he was a director of Agrofert, a finance management firm. Under this pretence, he promised high investment returns.
The victim then transferred RM900,000 in 31 separate transactions into 17 different bank accounts. Teong was charged under Section 420 of the Penal Code, which covers cheating and dishonest inducement.
The court set bail at RM10,000 with one surety. Additional conditions were imposed, though details were not disclosed. If convicted, Teong faces up to 10 years in prison, whipping, and a fine.
The case will be mentioned again in court on January 27. The prosecution will proceed with evidence and witness statements in the coming hearings. The outcome will determine whether Teong is found guilty of fraud under the Penal Code.
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