JOHOR BARU: Seven Chinese men, including three students, claimed trial at the magistrates' court here today to conspiring to cheat through a fictitious cryptocurrency investment scheme at Forest City earlier this month.
The accused — Hong Wei Xian, 25; Zhou Fu, 22; Chen Lu, 23; Yuan Shuping, 29; Li Yi, 30; Wang Tengfei, 30; and Chen Xiaojia, 33 — pleaded not guilty after the charges were read to them in Mandarin before magistrate Atifah Hazimah Wahab.
They were jointly charged with conspiring to carry out a fraudulent investment scheme involving non-existent cryptocurrency at two residential units in Forest City at noon on Oct 1.
The charge was framed under Section 120B(2) of the Penal Code, read together with Section 417 of the same code, which deals with cheating and carries a maximum six-month jail term, a fine, or both upon conviction.
Deputy public prosecutor Sarah Siti Aisyah Mustapha Kamal proposed bail of RM15,000 for each accused, with two local sureties.
Lawyer Lim Tyng Chieh, representing Yuan, Li, Wang and Chen Xiaojia, sought lower bail, saying his clients were independent contractors with permanent addresses at Forest City.
Lawyer Pang Yong Tong, representing Hong, Zhou and Chen Lu, also sought lower bail, citing the student status of three of the accused and their residence at Forest City.
The court allowed each accused bail of RM7,000 with two local sureties and fixed Nov 11 for mention for the submission of documents.
In a separate charge before the same court, Hong also pleaded not guilty to entering Malaysia without a valid pass.
He was charged under Section 6(1)(c) of the Immigration Act 1959/63, punishable under Section 6(3) of the same Act, which provides for a fine of up to RM10,000, imprisonment of up to five years, or both, and up to six strokes of the cane upon conviction.
The court granted him bail of RM9,000 with two sureties.
Meanwhile, Zhou and Chen Lu faced similar immigration charges before a separate magistrate's court.
Magistrate A Shaarmini fixed Nov 2 for a further bail application, pending verification of the two accused's travel documents by the prosecution.
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