Tycoon Held on Land Fraud Charges
Photo: Kampot Provincial Police
- By Phoung Vantha
- April 27, 2023 6:00 PM
PHNOM PENH – Land developer Oknha Chea Saran and eight others have been arrested and detained on fraud charges.
Kampot Provincial Court ordered their detention on April 27 in connection with a fraud of nearly $40 million invested in his company and to buy his plots of land.
They were arrested for questioning after police received complaints from people regarding fraud, which led to people borrowing from banks and microfinance institutions to invest with the company.
Chea Saron’s Chea Saron Realty company had promised to build cheap condos for people on low to mid-size incomes.
Kampot provincial governor Mao Thunin ordered an investigation after suspecting that financial institutions conspired with the parent company, Chea Saran group.
During the public forum on April 22 at which Thunin presided, many people from districts in Kampot province and other provinces such as Oddar Meanchey and Takeo, gathered at Ang Chhouk pagoda and asked the provincial governor to help resolve the dispute.
People said they were impressed by the company staff flattering them and guiding them to borrow from the banks and financial institutions to make a profit by investing in the company.
People told the governor that the company guaranteed to pay the bank interest and pay profit to people.
But for the last two to three months, the company had not complied with the contract, did not pay interest to the bank, and people had to pay interest to the bank themselves every month.
