TAIPING: Two men were charged in the Sessions Court here today with illegal deposit-taking, involving RM5,720, two years ago.
However, no plea was recorded from Yap Ying Chao, 25, and Boo Weil Seng, 30.
Judge Syed Faisal Syed Amir allowed them bail of RM10,000 in one surety each and set Sept 7 for mention.
Yap and Boo were jointly charged with accepting the money for investment without a licence, as provided under Section 10 of the Financial Services Act 2013 from one Foong Han Yan.
The offence was allegedly committed at Sekolah Menengah Kebangsaan Kamunting at 11.14 am on April 12, 2016.
The two men were charged under Section 137 (1) of the same law and faced an imprisonment for up to 10 years, or fine of up to RM50 million, or both, if found guilty.
Deputy public prosecutor Safiyatun Ahmadun prosecuted. — BERNAMA