Ponzi scheme robbed thousands of $46 million

[geovalin]

Thousands of people from 25 provinces have filed a complaint with Phnom Penh Municipal Court, the National Assembly and the Justice Ministry over a Ponzi scheme which has cost them more than $40 million. In their complaint, the 5,674 people named Malaysian Sean Tan, the chief operation officer of Empire Big Capital (EBC) Limited, based in Hong Kong and China, along with Cambodians Huot Sovann, director of Asean Instrument Foundation (AIF) and Chi Gosaly, director of Investment Consultant Association (ICA), as being responsible for losing $46,204,350 of their money.
 

They are demanding that their capital investment be reimbursed along with a $20 million compensation. The three companies collected capital from thousands of people in 2013 and promised to provide a 10 percent monthly profit and a return of their capital after 18 months.
 

The complaint added that many bought into the company, believing it to be legitimate because it was recognised by the Interior Ministry, the Economy and Finance Ministry as well as the Commerce Ministry. The company had also actively promoted its operations through workshops and public forums in all the provinces.

 

read more http://www.khmertimeskh.com/news/38160/ponzi-scheme-robbed-thousands-of--46-million/

 

 

-- © Copyright Khmer Times 10/05

[phantomfiddler]

Anyone who believes that they can get 10% interest per month has to be extremely naive, but the scam artists should be publicly hung, drawn, and quartered and shown on TV !

[Khon Kaen Dave]

4 hours ago, phantomfiddler said:

Anyone who believes that they can get 10% interest per month has to be extremely naive, but the scam artists should be publicly hung, drawn, and quartered and shown on TV !

And his quarters sent to the four corners of the country as a warning to other Ponzi's. Harsh i know, but if it was good enough for William Wallace, it should be good enough for this Cretin.

[Rhys]

...sorry gone with the win(d).

 

[Khon Kaen Dave]

7 minutes ago, Rhys said:

...sorry gone with the win(d).

 

I'm sorry i dont understand that, but i am sure it's very funny.

[mrdome]

Won't have been the last time unfortunately. Scams are everywhere. and people will be lied to and aren't sophisticated enough to see through it all.