SINGAPORE — A 52-year-old businessman faces 149 charges of cheating people through a loan programme that amounted to some S$9 million.

Kenneth Kam Boon Hee, a former director of several companies including Kenn Capital, Kenn Organisation International and Kenneth Kam Pte Ltd, was charged on Tuesday (Oct 6) with 112 counts of cheating, the police said in a news release.

Earlier in March, Kam was already charged with 37 counts of cheating and dishonestly inducing a delivery of property.

In all, the 149 charges relate to a lending scheme that Kam was allegedly promoting.

The loan programme was said to have raised millions from lenders. 

He reportedly deceived the lenders into believing that he could make money from foreign exchange trading to pay them their returns at 3 per cent a month.

In a previous press release in March, the police said that the lenders would provide loans to Kam for a three-year period. 

Investigations into this lending scheme are ongoing.

If convicted, Kam could be jailed up to 10 years and fined for each count of cheating.