FORMER Chief Executive Officer (CEO) of UBB Investment Bank Limited pleaded not guilty in the Sessions Court today to a charge of cheating a managing director over a payment totalling RM139.89 million last year.
The accused, Razlan Raghazli, 43, made the plea after the charge against him was read before Judge Azura Alwi.
According to the charge, Razlan, as CEO of UBB Investment Bank Limited, deceived UBB Amanah Bhd managing director and CEO Aida Aizura Othman, 52, into believing that a payment schedule in a UBB Investment Bank Limited letter complied with legal advice.
The letter, titled Disbursement Advice on Islamic Property Financing Under Bai-Bithamin Ajil (BBA) dated September 18, 2025, which he signed, was in accordance with and based on advice from Solicitors Messrs Kassim Tadin, Wai & Co.
However, the accused allegedly knew that it actually contradicted the advice given by the Solicitor and by deceiving her, the accused dishonestly induced Aida Aizura to release the payment of RM139,891,776 to ELMU Higher Education Sdn Bhd.
The offence was allegedly committed at UBB Investment Bank Limited, B-G-08, Galeria Hartamas, No. 21 Jalan 26/70A, Desa Sri Hartamas, here, in September 2025.
The charge was made under Section 420 of the Penal Code [Act 574], which provides for a prison sentence of not less than one year and not more than 10 years, whipping and may be fined if convicted.
The Deputy Public Prosecutor (DPP) proposed that bail be allowed at RM100,000 with one surety and prohibited from communicating or meeting prosecution witnesses.
The lawyer then applied for a reduction on the grounds that the accused had not worked since June, in addition to supporting his family with four children and a sick mother.
The court then allowed Razlan to be bailed at RM60,000 with one surety and also ordered his passport to be surrendered to the court until the case is resolved and that he cannot interfere with or communicate with any witnesses.
The accused was represented by Azamudin Abd Aziz, while the prosecution was handled by DPP Hazel Tan.
Lawyer Johan Mohan Abdullah, who is holding a watching brief for UBB, requested a court order prohibiting the media from naming the financial institution in their reports, but the judge rejected the application.
Case management was set for October 12, including for the submission of relevant documents. – August 19, 2026
