Logo of Phnom Penh Post newspaper Phnom Penh Post - Investment plan bilked $500k: police

Investment plan bilked $500k: police

Investment plan bilked $500k: police

Nine people, including six Thai nationals, were questioned at Banteay Meanchey Provincial Court yesterday for their involvement in an alleged Ponzi scheme that cheated people across the province of $500,000.

Or Borin, provincial military police chief, said about 130 families had lodged complaints against a company that promised a high return on investment, then stopped making payments last month.

“We have sent nine people – three men and three women from Thailand, and three Cambodians – to the court for questioning,” he said.

However, the two Thais who allegedly owned and ran the operation had already fled home, said Chea Da, military police chief for Poipet town.

So Vuthy, one of the complainants, said he was persuaded by a friend to put money in a firm called Invest Next-Gen, and after initially receiving good returns, upped his investment. “At first I put $500, then $1,000 and $2,000, and they regularly paid us,” Vuthy said. “So on October 7, I put $50,000, and then they did not pay me.”

Provincial prosecutor Meas Chanpiseth said the nine individuals had not been arrested and were only being questioned.

MOST VIEWED

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with