Azhidi Laili, 47, pleaded not guilty before sessions court judge Kamarudin Kamsun.

He was accused of deceiving nine men by causing them to deposit RM1.45 million into futures trading accounts at AmFutures Sdn Bhd for investing in crude palm oil futures when such investments did not exist.

The offences were allegedly committed between May 2013 and March 2014.

The charges carry a maximum jail term of 10 years and a fine of not less than RM1 million, upon conviction.

Azhidi was also accused of presenting himself as a representative of AmFutures to carry out business without a licence or of not being a registered person to carry out such investment activities. The offence carries a maximum fine of RM5 million or imprisonment for a maximum of five years or both upon conviction.

On another charge, he was accused of failing to appear before an investigating officer of the Securities Commission Malaysia (SC) to be examined orally on Feb 13, 2018. The offence carries a penalty of a maximum fine of RM1 million or imprisonment for a maximum of five years or both upon conviction.

SC prosecutor Shoba Venu Gobal did not offer bail after taking into account the fact that the accused could flee as the police had previously failed to track him down since 2015.

Alsabri Ahmad Kabri, representing Azhidi, said his client suffered from diabetes, heart disease and high cholesterol, besides having to support his wife and four children. “My client will not flee because his family and business are here in Malaysia,” he said. He sought bail of a lower amount of RM100,000.

Kamarudin set bail at RM25,000 with two sureties for all charges. Azhidi’s passport was impounded and he has to report to the SC’s investigating officer every month.