Datuk jailed 26 years for cheating two Datuks

April 19, 2011

KUALA LUMPUR, April 19 — A Datuk was sentenced to a total of 26 years’ jail by the Sessions Court here today after he was found guilty of cheating two other Datuks in an investment scam and forging documents involving RM12 million.

Datuk Paiman Shakimon, 52, was sentenced to five years’ jail for cheating businessman Datuk Rosidi Kamaruddin, 59, by inducing Rosidi to hand over RM3.8 million in a scam called “Program Roll-Over’ which purportedly had been approved by Bank Negara.

Paiman, of Country Heights, Kajang, was sentenced to eight years’ jail on a similar offence of cheating Datuk Liew Teck Keong, 56, involving RM8 million.

On the forging of documents, Paiman was jailed five years for misleading Rosidi, and eight years in Liew’s case.

Judge Datuk Jagjit Singh ordered the five-year and eight-year jail terms to run consecutively, effective today, while the other sentences are to run concurrently. This means Paiman has to serve 13 years in jail.

He committed all the offences at Hotel Nikko in Jalan Ampang here between May 2005 and November 2006.

The court was told during the trial that the scam involved more than RM27 million and investors were promised returns of 50 times their investment and that it purportedly had Bank Negara approval.

The court allowed Paiman’s application for a stay of the sentences pending appeal to the High Court.

However, his bail was increased from RM100,000 to RM700,000 in one surety.

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