A man who allegedly tricked people into loaning him millions of dollars by promising high returns faces a total of 344 charges in court, most of them for cheating.

Kenneth Kam Boon Hee, 53, was charged with 191 counts of cheating and four counts of transferring benefits from his criminal conduct during his final round in court yesterday.

His alleged criminal conduct involves more than $ 16 million in total.

Kam, a former director of several companies, is already facing 149 counts of cheating and dishonest incitement to deliver a good the day before yesterday.

Police said yesterday that the charges were “related to Kam’s alleged promotion of a loan scheme that raised millions from his lenders.”

Kam allegedly deceived the lenders into believing that he would generate money from foreign exchange trading to pay them their returns at 3 percent per month.

His personal website says he is building a business network, which will include “exclusive commerce, lifestyle, technology and wellness businesses.”

Kam, along with the Kenn Organization and Kenn Group entities, are listed on the Monetary Authority of Singapore (MAS) website investor alert list.

The list details companies that are not licensed by the MAS but that may have given investors the impression that they have been sanctioned by the Singapore regulator.

Police said: “Members of the public are advised not to deal with unregulated entities or people offering investment opportunities.

“If you choose to deal with unregulated entities or persons, you will forgo the protection afforded by the MAS regulation.”

The regulations put in place requirements that certain investment programs must meet before they can be offered to retail investors, reducing the risk of the programs being scams.

For each charge of transferring the benefits of his criminal conduct he is convicted of, Kam can be jailed for up to 10 years, fined up to $ 500,000, or both.

Offenders guilty of cheating and dishonestly inducing the delivery of goods can be sentenced to imprisonment of up to 10 years and a fine.