{"id":68987,"date":"2026-07-15T23:20:59","date_gmt":"2026-07-15T15:20:59","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=68987"},"modified":"2026-07-15T23:20:59","modified_gmt":"2026-07-15T15:20:59","slug":"court-upholds-rm28mil-judgment-against-sporean-businessman-over-investment-fraud","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=68987","title":{"rendered":"Court upholds RM28mil judgment against S\u2019porean businessman over investment fraud"},"content":{"rendered":"


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The Court of Appeal rejected the defendant\u2019s argument that the investors failed to properly plead fraud, finding that the issue had been fully examined at trial.<\/figcaption><\/figure>\n
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PUTRAJAYA<\/span>:<\/address>\n

The Court of Appeal has upheld a High Court ruling ordering a Singaporean businessman to repay about RM28 million to 122 Malaysian investors after finding that he fraudulently induced them to invest in unlicensed investment schemes.<\/p><\/div>\n

A three-member bench comprising Justices Zaini Mazlan, Leonard David Shim and Aliza Sulaiman unanimously dismissed both the businessman\u2019s appeal and the investors\u2019 cross-appeal, finding no reason to interfere with the trial judge\u2019s ruling after a lengthy trial.<\/p>\n

Zaini said the evidence showed that the defendant, Chan Cheh Shin, actively promoted the investment schemes through seminars and roadshows, and made representations on investment opportunities rather than merely disposing of his personal shareholdings, as he had claimed.<\/p>\n

The bench agreed with the High Court that Chan\u2019s conduct fell within regulated investment activities under the Capital Markets and Services Act 2007, and that his representations had induced the plaintiffs to invest.<\/p>\n

The court rejected Chan\u2019s argument that the investors failed to properly plead fraud, finding that the issue had been fully examined at trial and that no prejudice had been caused.<\/p>\n

It likewise dismissed the investors\u2019 cross-appeal for pre-judgment interest, ruling that the High Court had properly exercised its discretion.<\/p>\n

Chan\u2019s appeal was dismissed with RM150,000 in costs, while the investors\u2019 cross-appeal was dismissed with costs of RM30,000.<\/p>\n

The case arose from a High Court decision two years ago in which Justice Arief Emran Arifin ordered Chan to refund approximately RM28 million invested by 122 Malaysians after finding he had collected investment funds without approval from the Securities Commission Malaysia.<\/p>\n

Chan, through Fulda Malaysia Bhd and Singapore-based Palau Capital Ltd, had promoted various investment schemes from 2016, promising lucrative returns and assuring investors he would indemnify any losses.<\/p>\n

When the promised returns failed to materialise, the investors sued to recover their money and succeeded.<\/p>\n

M Manian and R Gajelan represented the investors while N Ravi appeared for Chan.<\/p>\n<\/div>\n


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