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Multiple Cambodian tycoons are under fire for alleged fraudulent real estate sales to thousands of people who are struggling to pay back loans from microfinance institutions and banks used to invest in land or gated community projects. In the most prominent cases, two “oknhas” — tycoons who have given at least $500,000 to the government…

Thousands of Cambodians have become victims of real estate financing schemes and are now struggling to pay back loans

So far, more than 5,000 families (victims) have lodged lawsuits against Tycoon Chea Saron and eight of his colleagues with Kampot provincial police and the provincial court to demand for their money lost when investing in a land project.

The Kampot Provincial Court has charged realty businessman Chea Saron and his eight accomplices with aggravated fraud.

The Kampot provincial police have sent Chea Saron, who holds the honorific Oknha, and his eight accomplices to court for “fraudulent” land sales totalling nearly $40 million.