Dominic Sim, a 37-year-old Singaporean, has been charged with deceiving Solaire Resort and Casino Manila.
Solaire representatives said that Sim was a junket operator in the casino in 2013. He used to buy chips from the casino to pass on to the gamblers. In February 2014, Sim allegedly used a fraudulent wire transfer in a bid to trick the casino into releasing $30m worth of chips.
The casino issued him $8m worth of chips but Sim was confronted when the transfer did not push through. After months of excuses from Sim for not returning the money, Solaire was pushed to file a police report and eventually recovered $3m worth of chips.
Sim was arrested on April 21 and was charged on May 14. Sim is out on bail but is not permitted to leave the Philippines.
A Mr. Tanainan, who represents 16 Thai investors, also filed a police report last week in Singapore, alleging that Sim cheated them over a $600,000 investment they made.
Tanainan, who runs an investment academy in Thailand, had advised his clients to invest in Bullion Investment Group, a Singapore-based investment company led by Sim, after coming across it during an investment fair held in 2013.
Tanainan’s clients invested in Bullion as a capital to play against gamblers in the casino and were promised returns of up to 100%. But the returns were delayed in October and eventually stopped in January.
“I am very upset about this because I recommended people to invest in Bullion and they trusted me. My reputation is also affected now,” Tanainan said to The Straits Times.
The Straits Times has also confirmed that the Bullion office in Beach Road, Singapore is now closed.