Fraud warning issued.

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CEOCambodiaNews
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Fraud warning issued.

Post by CEOCambodiaNews »


Warning issued after Ponzi scheme busted

Thu, 14 July 2016
Post Staff

The Ministry of Interior and the Securities and Exchange Commission of Cambodia (SECC) issued a joint release yesterday announcing that investigations of Empire Big Capital Ltd (EBC) and related firms AIF and ICA showed the companies had engaged in investment fraud.

Authorities shut down EBC last year and arrested several of its staff on suspicion of operating a Ponzi scheme.

The release, dated July 8, urged victims of the fraud to take legal action, and warned the public to be wary of “risky” investment schemes promising high rates of return.
http://www.phnompenhpost.com/business/w ... eme-busted
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Luigi
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Re: Fraud warning issued.

Post by Luigi »

How the hell could you trust your money to an entity called Empire Big Capital?
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Cam Nivag
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Re: Fraud warning issued.

Post by Cam Nivag »

Luigi wrote:How the hell could you trust your money to an entity called Empire Big Capital?
Haha, now I can't get the sound out of my head of Stacy Keach saying "Empire Big Capital"
willyhilly
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Re: Fraud warning issued.

Post by willyhilly »

I remember The Big Group who were property developers with an office in BKK1.
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Re: Fraud warning issued.

Post by StungTrengBooBarang »

Where any connected to any land selling scams?

Last year on joker night in walkabout, some really drunk dude with a heavy french/belgium accent was offering me land in Kampot for $10000, that he claimed a barang could own 100% without need of the khmer51% rule, and if you wait 3 years it will sell for at least $30000.

But of course i needed to go see his kampot local, and saying something like "this guy wont cheat you like other khmer"

I never saw him around again, perhaps he forgot about it, or he was saying the scam just for a laugh.
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Re: Fraud warning issued.

Post by Anchor Moy »

StungTrengBooBarang wrote:Where any connected to any land selling scams?

Last year on joker night in walkabout, some really drunk dude with a heavy french/belgium accent was offering me land in Kampot for $10000, that he claimed a barang could own 100% without need of the khmer51% rule, and if you wait 3 years it will sell for at least $30000.

But of course i needed to go see his kampot local, and saying something like "this guy wont cheat you like other khmer"

I never saw him around again, perhaps he forgot about it, or he was saying the scam just for a laugh.
Hello sir. I have a very nice bridge to sell you for the same price. Almost new and hardly used. :thumb:
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Re: Fraud warning issued.

Post by PSD-Kiwi »

StungTrengBooBarang wrote: Last year on joker night in walkabout, some really drunk dude with a heavy french/belgium accent was offering me land in Kampot for $10000, that he claimed a barang could own 100% without need of the khmer51% rule, and if you wait 3 years it will sell for at least $30000.
Foreigners can own land via the nominee system, no need for a Khmer to own 51%, obviously the title cannot be held in a foreigners name though. A legal contract protects the foreign owner, Khmer nominee cannot touch the land, but they will receive a percentage of the sale price if the foreigner sells, about 4% is the standard, they also receive an initial commission for agreeing to be the nominee.

Land prices are increasing significantly in Kampot, and depending on the location of the land mentioned, an increase of $20k could be possible. For instance, if someone had bought land a year or two ago where the port is being constructed, then they'd definitely see a significant return in 3 years. About 4 years ago I was looking at land which was selling at $5 sq/m, that same land is now selling for $12 + sq/m.
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