Man in S'pore faces 340 charges of cheating & dishonestly inducing delivery of property in loan scam

The loan scam raised millions from his lenders.

Syahindah Ishak | February 18, 2021, 05:27 PM

Kenneth Kam Boon Hee, a former company director in Singapore, is facing 191 additional charges in court on top of the 149 cheating charges he's already facing.

Charges relate to a lending scheme

Kam was the former director of several companies, including Kenn Capital, Kenn Organisation International and Kenneth Kam Pte Ltd.

In a news release on Feb. 18, the police said that the latest set of charges comprises another 191 charges of cheating offences, as well as four charges of transferring benefits from his criminal conduct under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

Similar to the earlier charges, these additional charges relate to Kam's alleged promotion of a loan programme which raised millions from his lenders.

The cheating charges alleged that he had deceived potential lenders into believing that he would generate returns from foreign exchange trading to pay them.

Kam is now facing a total of 340 counts of cheating and dishonestly inducing a delivery of property, involving amounts in excess of S$16 million.

Possible punishments

If found guilty of cheating under Section 420 of the Penal Code, he can be jailed for up to 10 years, and fined.

If convicted of transferring benefits from his criminal conduct under Section 47(1)(b) of the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act, Kam can be jailed for up to 10 years, and fined up to S$500,000.

The police added in their press release:

"Members of the public are advised not to deal with unregulated entities or persons offering any investment opportunities.

If you choose to deal with unregulated entities or persons, you will forgo the protection available under the Monetary Authority of Singapore’s (MAS) regulations."

Top image from Kenneth Kam's Instagram.