SINGAPORE, Oct 9 — A Singaporean man accused of luring investors into a scheme promising guaranteed returns from loans to gamblers was charged today in connection with cheating cases involving more than S$2.2 million (RM7 million) in reported losses.
Ong Kah Keong, 54, faces three cheating charges involving amounts ranging from S$30,000 to nearly S$1.8 million, according to The Straits Times.
He allegedly deceived three people into investing in the scheme between December 2024 and October 2025.
The case came to light after a woman reported to police in July 2025 that a man had introduced her to an investment opportunity involving loans to gamblers who needed money.
She was allegedly assured that her investment would generate guaranteed returns, regardless of whether the gamblers won or lost.
According to police, Ong allegedly prepared an “investment loan agreement” to lend credibility to the arrangement and continued seeking money from the woman.
Believing the scheme to be legitimate, she handed over an undisclosed sum.
However, no returns materialised, and Ong allegedly became uncontactable, prompting her to realise she had been deceived.
Preliminary investigations subsequently suggested that Ong was involved in other suspected cheating cases using a similar method, with total reported losses exceeding S$2.2 million, police said.
Ong is scheduled to return to court on November 6.
Under Singapore law, a person convicted of cheating can be jailed for up to 10 years and may also be fined for each offence.
