Japan warns of property investment scam in Cambodia

Cambodia investment scams
A house in Phnom Phem where condominiums were fraudulently advertised to Japanese investors

The National Consumer Affairs Center of Japan and related bodies are warning of a rise in fraudulent investment schemes involving real estate in Cambodia, where economic growth is boosting foreign investment, the Japan Times reported on August 27.

The center received 1,312 inquiries between October 2011 and early August 2013 from consumers who said they were approached about investing in Cambodian real estate.

It turned out that 27 out of 136 people who contacted the center had invested an average of about $31,000, with most unable to recover their cash.

In one case, a 78-year-old man sued a Tokyo-based real estate firm in March for the return $31,500 he paid for a condominium unit advertised to be completed at the end of 2013.

Before the purchase, the man got a call from someone claiming to be an agent for a firm who said it would buy the property for double what the man paid if he first bought it as a proxy. Investigations showed that a house stood at the site but there was no sign of any construction.

Experts advise to seek legal assistance before entering any property deals in Cambodia.



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[caption id="attachment_14624" align="alignleft" width="300"] A house in Phnom Phem where condominiums were fraudulently advertised to Japanese investors[/caption] The National Consumer Affairs Center of Japan and related bodies are warning of a rise in fraudulent investment schemes involving real estate in Cambodia, where economic growth is boosting foreign investment, the Japan Times reported on August 27. The center received 1,312 inquiries between October 2011 and early August 2013 from consumers who said they were approached about investing in Cambodian real estate. It turned out that 27 out of 136 people who contacted the center had invested an average of about $31,000,...

Cambodia investment scams
A house in Phnom Phem where condominiums were fraudulently advertised to Japanese investors

The National Consumer Affairs Center of Japan and related bodies are warning of a rise in fraudulent investment schemes involving real estate in Cambodia, where economic growth is boosting foreign investment, the Japan Times reported on August 27.

The center received 1,312 inquiries between October 2011 and early August 2013 from consumers who said they were approached about investing in Cambodian real estate.

It turned out that 27 out of 136 people who contacted the center had invested an average of about $31,000, with most unable to recover their cash.

In one case, a 78-year-old man sued a Tokyo-based real estate firm in March for the return $31,500 he paid for a condominium unit advertised to be completed at the end of 2013.

Before the purchase, the man got a call from someone claiming to be an agent for a firm who said it would buy the property for double what the man paid if he first bought it as a proxy. Investigations showed that a house stood at the site but there was no sign of any construction.

Experts advise to seek legal assistance before entering any property deals in Cambodia.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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