Cambodian tycoon arrested for alleged fraud

By Dat Nguyen   August 14, 2023 | 02:07 am PT
Cambodian tycoon arrested for alleged fraud
Real estate tycoon Hy Kimhong. Photo obtained from Hy Kimhong's Facebook page
Real estate tycoon Hy Kimhong has been detained for allegedly defrauding thousands of people of up to $100 million.

Investigating Judge Pich Vicheathor of the Phnom Penh Municipal Court has ordered the arrest of Kimhong, who is the proprietor of World Gold Company, along with five of his personal security personnel, according to Khmer Times.

His security guards allegedly violently obstructed his arrest on August 9.

Thousands of victims have claimed that World Gold Company staff contacted them and promised regular payments if they purchased land in Kampong Speu, a province in southern Cambodia, according to CamboJA News.

Some of them even borrowed from banks to make the purchase but never received any money.

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