Sessions court judge Suzana Hussain said the prosecution had proved its case against Ahmad Azwan Aboo Mansor, 54, beyond a reasonable doubt.

She sentenced Azwan to five years’ jail on each of the five charges, to be served concurrently beginning today. However, she allowed Azwan’s application for a stay of the jail term pending the disposal of his appeal. He was freed after posting bail of RM150,000.

The court also ordered that two vehicles purchased by Azwan using the illegal proceeds be confiscated by the government.

Azwan was convicted of defrauding MyIPO by misleading a senior officer into investing in a scheme called BIMB i-Fund with a promised 6% annual return, when in fact it was a unit trust investment known as the BIMB i-Dividend Fund.

He was charged with fraudulently inducing MyIPO to invest RM85.5 million into the BIMB account on Nov 25, 2015.

He was also convicted of four money laundering offences involving RM3.9 million committed at Bank Islam’s Taman Melawati branch between January 2016 and December 2017.

Deputy public prosecutors Haresh Prakash Somiah, Afif Ali and Rozaliana Zakaria appeared for the prosecution while Harjinder Singh Sandhu acted for Azwan.