On 6 October 2020, Kam Boon Hee Kenneth (“Kenneth Kam”), a former director of several companies, including Kenn Capital Pte Ltd, Kenn Organisation International Pte Ltd and Kenneth Kam Pte Ltd, was produced in court on another 112 charges of cheating. These are in addition to the 37 cheating charges that he already faces.
Like the earlier charges, these 112 charges relate to Kenneth Kam’s alleged promotion of a loan programme which raised millions from his lenders. The charges alleged that he had deceived lenders into believing that he would generate monies from foreign exchange trading to pay them their returns at 3% per month.
With the latest charges, Kenneth Kam now faces a total of 149 counts of cheating and dishonestly inducing a delivery of property, involving amounts totaling close to $9 million. If convicted, he faces imprisonment for a term, which may extend to 10 years, and shall also be liable to a fine, in relation to each count of cheating offence.
The investigations into the loan programme are ongoing.
Source: Singapore Police Force