Guaranteed returns from loans to gamblers? Singapore man charged over alleged investment scam linked to S$2.2m in losses
SINGAPORE, Oct 9 — A Singaporean man accused of luring investors into a scheme promising guaranteed returns from l...
A 54-year-old Singaporean man, Ong Kah Keong, has been charged with three counts of cheating for allegedly defrauding investors out of more than S$2.2 million (RM7 million) in a scheme supposedly offering guaranteed returns from loans to gamblers. The charges, reported by The Straits Times, stem from a series of investments between December 2024 and October 2025.
The scheme came to light when a woman reported to police in July 2025 that she had been introduced to the investment opportunity by a man who assured her of guaranteed returns, regardless of the gamblers' outcomes. Ong allegedly provided an "investment loan agreement" to lend credibility to the investment and continued soliciting money from the woman.
Once she realized it was a scam, she handed over an undisclosed sum, but no returns were ever made, and Ong became unreachable. Similar methods were reportedly used in other alleged cheating cases, resulting in total reported losses exceeding S$2.2 million. Ong is set to appear in court again on November 6. If convicted, he faces up to 10 years in jail and fines for each offence under Singapore law.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
