​SINGAPORE — A businessman was on Thursday (Feb 18) charged with another 195 counts of cheating and dishonesty in relation to a multi-million loan programme involving more than S$16 million.

Kenneth Kam Boon Hee, a former director of companies including Kenn Capital, Kenn Organisation International and Kenneth Kam, was last year charged with 149 counts of cheating that involved about S$9 million. He now faces a total of 344 charges.

Of the latest charges, 191 are of cheating offences and four are of transferring benefits from his criminal conduct, the police said in a press release.

All 344 charges relate to Kam’s alleged promotion of a loan programme, which had raised millions from his lenders.

He allegedly tricked potential lenders into believing that he would generate returns from foreign exchange trading to pay them.

If convicted of cheating, Kam may be jailed for up to 10 years and fined. For transferring benefits from his criminal conduct, he may be jailed for up to 10 years and fined up to S$500,000.

The police reminded members of the public not to deal with unregulated entities or persons offering any investment opportunities.

“If you choose to deal with unregulated entities or persons, you will forgo the protection available under the Monetary Authority of Singapore’s regulations,” they added.