A woman pleaded guilty to organising a ‘kootu’ fund scheme involving 52 participants, resulting in estimated losses of more than RM1.7 million.
ALOR SETAR: A woman pleaded guilty at the Sessions Court here today to organising a kootu fund scheme, resulting in estimated losses of more than RM1.7 million between July last year and July this year.
Siti Zulaika Ahmad Sabri, 36, entered the plea after the charge was read before Judge Sharmila Abdul Samad.
According to the charge, Siti Zulaika allegedly organised a kootu fund involving 52 participants aged between 24 and 62, with each participant required to contribute cash to the scheme in Kampung Padang Satu, Bukit Kayu Hitam, Changlun.
She was charged under Section 3 of the Kootu Funds (Prohibition) Act 1971 (Act 28), which provides for a fine of up to RM500,000, imprisonment of up to 10 years, or both upon conviction.
The court denied bail and fixed Sept 22 for the facts of the case to be presented and for sentencing.
