fbpx

Man charged in Cambodia over alleged multi-million forex fraud

Denise Jacksone

A Cambodian man has been told he will face a range of charges after he was accused of running a fraudulent foreign exchange company.

The 34-year-old Cheu Yary, who heads up a company called International Forex Trading, was accused of the crimes recently and has since been charged after being arrested on 27th July.

He is also accused of creating cheques which were not legitimate and which could not be cashed.

He was arrested by officers from the Cambodian Interior Ministry’s penal department. He has now been transferred to Prey Sar prison for a period of detention prior to his trial beginning. This prison is the largest in Cambodia.

Press reports from the country suggest that the accused engaged in fraud which totalled around $30 million US dollars in investor cash, which is equivalent to £24.6million or so British pounds.

He allegedly told investors that their investments were receiving higher profits than they actually were, and then created and distributed fake cheques in order to bolster his claim.

Police are believed to have been looking into Yary’s alleged crimes since 4th July.

It is understood that one suspected victim came forward to the police with an accusation against Yary. This woman said that she had lost around $10 million US dollars – which, if correct, represents a whole third of Yary’s alleged proceeds of crime.

International Forex Trading does not appear to have an obvious web presence.

According to Kuch Kimlong, who is a spokesperson for the Municipal Court in Cambodia’s capital and largest city Phnom Penh, Yary has been charged with “fraud and issuance of bad cheques”.

“Phnom Penh Municipal Court charged him with fraud and issuance of bad cheques, in accordance with Articles 377 and 29 of the Criminal Code and Article 231 of the Law on Negotiable Instruments and Payment Transactions”, Mr Kimlong said, noting that the suspect was detained by police officers from the Interior Ministry’s penal department.

Major General Houth Taing Hoeuth, Deputy Director of the Cambodian Interior Ministry’s penal department, added further details about the arrest.

“Cheu Yary was arrested on July 27 in Preah Sihanouk province by provincial authorities and the National Police after Phnom Penh Municipal Court issued an arrest warrant”, he said. “Later on, the suspect was sent to the Interior Ministry’s penal department in Phnom Penh.”

As a major economy in South East Asia, there is a foreign exchange industry in Cambodia.

However, it appears to have avoided the worst of the foreign exchange scams over the years. Crypto scams, however, have been recorded in the regional press.

Earlier this year, for example, a Malaysian-owned cryptocurrency outlet was shut down momentarily and its main officers were arrested after it used the name of Cambodia’s Prime Minister in its advertising materials without permission.

Prime Minister Hun Sen, who has been in office for decades, took to Facebook to explain to the public what had happened and that he was not part of the scheme.


Denise Jacksone

Latest news

Regulator hunts for default judgement against GDLogix
A leading regulator in the US has asked a court to provide a default judgement against a firm and an individual accused of fraudulent foreign exchange derivative provision. Read more
British cryptocurrency trading platform shut down
A cryptocurrency trading platform that lied about its celebrity backers has been closed down by an arm of the British government. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5

    Forex Fraud Certified Brokers

    iTrader Logo
    Plus500 Small Logo
    LegacyFX Small Logo
    XTB Logo
    Pepperstone
    HYCM Logo
    FXTM Logo
    ATFX Logo
    OctaFX Logo
    Oinvest Small Logo
    Forex.com Logo
    City Index Logo
    Exness Small Logo
    Swissquote logo
    skilling logo
    XM Logo
    VantageFX Small Logo
    Oanda Small Logo