The Phnom Penh Municipal Court issued a detention warrant on Tuesday for a man charged with cheating investors out of $40 million as part of a fraudulent investment scheme.
Investigating judge Kouy Sao issued the warrant for Chhy Yary on charges of fraud under Articles 377 and 378 of the Criminal Code and Article 231 of the law on “tools that could be traded and operated in cash”.
The warrant ordered authorities to bring Yary – a 34-year-old Cambodian from Battambang province’s Bavel district – to Correctional Centre M2 where he would be processed.
Phnom Penh Municipal Court spokesperson Kuch Kimlong told The Post: “The prosecutor charged him after he was questioned on Tuesday evening on two counts of fraud and blank cheque issuance.”
Huom Taing Hoeut, deputy director of the National Police’s Criminal Police Department, told The Post on Tuesday that it had investigated the case and on Saturday, it found the suspect hiding in Preah Sihanouk province. It then collaborated with provincial authorities to arrest Yary.
His arrest came after complaints were filed by investors accusing Yary of fleeing with more than $40 million he had enticed them to invest in Forex trading with the promise of healthy profits.
“There are many complaints filed against Chhy Yary. In total, the people were cheated out of more than $40 million. But the case is in the hands of the court and is now beyond our authority,” Taing Hoeut said.