MonSpace Ponzi Scam

Three directors of investment company Monspace, including a Datuk Seri, were hauled to the Sessions Court here for allegedly conducting a direct sales business without a licence. Datuk Seri Lai Chai Shuang, 49 (pic), Wong Tat Foong, 40, and Chai Ling Mooi, 48, pleaded not guilty after the charges were read out before judge Manira Mohd Nor yesterday. All of them are the directors of Monspacemall Sdn Bhd.

According to the first charge, Lai had allegedly promoted a pyramid scheme, which is Monspace scheme, an offence under Section 27B of the Direct Sales and Anti-Pyramid Scheme Act 1993. For the second charge, Lai is accused of conducting a direct sales business without a valid licence issued by a direct sales officer under Section 6 of the same Act.

She was charged under Section 4(2) of the Act and faces a maximum RM200,000 fine, imprisonment of up to five years or both, upon conviction. Wong and Chai are each accused under the same Section of conducting a direct sales business without a valid licence and promoting a pyramid scheme.

All the offences were allegedly committed at two premises in Jalan Jalil 1, Bumi Bukit Jalil, Lebuhraya Sungai Besi-Puchong, between June 14 and July 19, 2017.

Earlier, DPP Tan Chiew King from the Domestic Trade and Consumer Affairs Ministry offered a RM1mil bail for Lai, RM500,000 for Chai and RM50,000 for Wong. All three accused, who were represented by lawyer Andy Yong, asked for the bail amount to be reduced on grounds that they had families to support.

“My clients have given good cooperation to the authorities during investigation,” he said.

Manira allowed bail of RM400,000 for Lai, RM200,000 for Chai and RM20,000 for Wong. The judge also ordered all the accused to surrender their passports to the court and fixed June 14 for mention.