IPOH, Feb 2 — Two entrepreneurs claimed trial at the Magistrates Court here to charges of defrauding three women of RM150,500 via a purported bitcoin investment scheme.

Reduan Ismail, 38, a bundle clothing owner and Adan Ibrahim, 34, who owns a cosmetic business, pleaded not guilty when the charges were read in front of Magistrate Noor Azreen Liana Mohd Darus.

Both Reduan and Adan were accused of cheating Nur Raihan Shabila Md Noor, 24, and Rozidah Yahaya, 49, by tricking them into believing they would get a 20 per cent return for seven months continuously in their Actionmode bitcoin investment.

They were accused of urging Nur Raihan and Rozidah to invest RM26,000 and RM120,000, respectively, that they would not have otherwise.


The offence was allegedly committed at Hotel Casuarina Meru here at around 12pm on July 26 last year.

The duo were also accused of cheating Normah Shaari, 60, of RM4,500 at the same place at around 10am on May 8 last year by deceiving her into investing in the Actionmode bitcoin with the same promised return.

The charges were framed under Section 420 of the Penal Code, which was read together with Section 34 of the same Act.


If convicted, the duo can be jailed for up to 10 years, caned, and fined.

Deputy Public Prosecutor K. Darinee prosecuted while the accused were represented by lawyers Aizul Rohan Anuar, Hazwa Mahira Azman and Nurnatiah Zaini.

Earlier, Aizul requested the court to reduce the bail at RM2,000 for each charge by submitting that his clients’ personal and business accounts were frozen under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

“My clients have also been cooperating in the investigations with the investigation officer since the beginning of the case.

“They have also come all the way from Selangor in order to be present at the court today after they were summoned. I hope the court will take into account these matters when setting the bail,” he said.

Noor Azreen then fixed the bail at RM2,500 for each charge for each of the accused with one surety.

The case has been fixed March 9 for mention.