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A 33-YEAR-OLD man was jailed 24 months on Friday for cheating her mother's friend into investing more than $100,000 with him.
Kevin Lim Chee Yuan pleaded guilty to six charges of cheating Ms Lim Siew Loon, 39, of $76,000 at Jurong West between September 2005 and May last year by promising her high returns if she invested in his investment scheme.
A district court heard that in mid-2005, he became jobless when his business failed. He then came up with an investment scam to deceive people into thinking that they would get high returns for investing in the scheme.
He approached his mother, who was a close friend of Ms Lim's, and told her a syndicate was looking for investors to invest in return for 8 per cent interest a month for the money invested.
Lim also said if any investors who wanted to invest with the syndicate would have to go through him. He would pay them 5 to 6 per cent interest on the amount invested, netting himself a profit of 2 to 3 per cent.
His mother then approached Ms Lim, who parted with between $1,000 and $30,000.
Thirteen other similar charges were taken into consideration.
Of the total $124,000 involved, he had paid back $29,470 as interest to the victim, leaving a balance of $94,530.
He could have been jailed for up to seven years on each charge.
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