Khmer Times/Buth Reaksmey Kongkea

The CEO of Siem Reap-based Aladin Market Cambodia was arrested and charged on Saturday over allegations that he has cheated 50 villagers out of $8,000. In a scheme apparently involving an advertisement that promised investors in Aladin Market Cambodia 20 to 200 percent growth on their investment, not only did the interest never materialize, but so too went the initial investments. Ath Hichhay was arrested on January 13 after villagers complained about his scam to police. Penal Police Unit Chief Major Hong Bunhav said that Ath Vichhay, 29, was charged in municipal court with “fraud” under articles 377 and 378 of the penal code and since sent to prison.

Mr. Vichhay was sued by four villagers representing the 50 affected. “He has lured villagers to do businesses with his online company by investing their money with his company. He has promised to give them the rate from 20 percent up to 200 percent per month,” Mr. Bunhav told Khmer Times yesterday.

source: http://www.khmertimeskh.com/news/20045/siem-reap-businessman-arrested-for-fraud/

Twenty to 200% growth on investment!

If it sounds too good to be true ...