A Thai marketing executive was tried by the municipal court on Friday for cheating a Cambodian businessman out of $110,000 by offering him a phony investment with 15 percent returns.
Judge Ouk Sovannarith of Phnom Penh Municipal Court identified the accused as Yukitchaleun Thiraksuvath, 39, president of a Thai marketing firm in Cambodia.
Judge Sovannarith said he was charged with fraud after being arrested in May following a lawsuit filed against him by Kuoch Seng Huoch, 45, a property businessman.
Mr Seng Huoch told the court that in early 2016 Mr Thiraksuvath held an investment seminar at a hotel in Phnom Penh, where he duped some businessmen into a phony investment that would bring 15 percent monthly returns.
After the seminar, Mr Seng Huoch met with the accused privately and eventually invested $10,000, and began receiving monthly payouts for three months.
Satisfied, he invested another $100,000, after which he stopped receiving his payouts.
“During the first three months, after I invested the $10,000, I got my payouts,” said Mr Seng Huoch. “Because he was paying me, I then invested another $100,000 with him. But after that, he never paid me again.”
At Friday’s trial, Mr Thiraksuvath confessed that he accepted $110,000 from Mr Seng Huoch and said the money was still being invested.
“He was a shareholder of my company. His money has been invested with my company. It is not lost,” he said.
Mr Thiraksuvath claimed he stopped paying the victim his dues because he sued him.
A verdict is January 2.