Razlan Raghazli, former CEO of Malaysia’s UBB Investment Bank Ltd, was charged on August 19, 2026, at Sessions Court with cheating involving RM139.89 million [1, 2, 3]. He pleaded not guilty to the charge.

The charge alleges Razlan deceived UBB Amanah Bhd managing director and CEO Aida Aizura Othman into releasing RM139.89 million to ELMU Higher Education Sdn Bhd based on a fraudulent payment schedule [1, 2, 3]. The document, dated September 18, 2025, was signed by Razlan and claimed to reflect legal advice from Kassim Tadin, Wai & Co but allegedly contradicted the actual legal counsel [2, 3].

Razlan faces up to 10 years imprisonment, whipping, and a fine under Section 420 of the Penal Code if convicted [2]. Bail was granted at RM60,000 with conditions including surrendering his passport and no interference with prosecution witnesses [2].

UBB Investment Bank, licensed in Labuan and part of UBB Amanah Group, sought a court order to bar the media from naming the bank in connection with the case, citing risks of investor panic. The Sessions Court judge Azura Alwi denied the application, saying, "The public has a right to know. There is no such thing; the application is denied" [1, 2]. UBB's lawyer Johan Mohan had argued that naming the bank "will cause panic among investors if the bank’s name is reported and affect the stability of the bank" [1].

During Razlan’s tenure, UBB Investment Bank paid a RM10 million compound to Bank Negara Malaysia and Labuan Financial Services Authority for anti-money laundering breaches between 2023 and 2024 [1].

Razlan is also reportedly among three individuals facing charges by the Malaysian Anti-Corruption Commission involving over RM130 million, according to one source [4].

Separately, on the same day, investment firm director Datuk Norliza Tajudin was charged with 10 counts of money laundering involving RM13.4 million, also pleading not guilty [5]. Meanwhile, Alam Maritim Resources CEO Datuk Azmi Ahmad was released from remand and resumed duties on August 19 after being investigated in a probe influenced by Tabung Haji RCI findings [6].

The next hearing date for Razlan’s case has not been disclosed.