SINGAPORE - A man who allegedly tricked people into lending him millions of dollars by promising them high returns is facing a total of 344 charges in court, the bulk of it for cheating.

Kenneth Kam Boon Hee, 53, was charged with 191 counts of cheating and four counts of transferring benefits from his criminal conduct in his latest turn in court on Thursday (Feb 18).

His alleged criminal conduct involves over $16 million in total.

Kam, a former director of several companies, already faces 149 charges related to cheating and dishonestly inducing a delivery of property prior to Thursday.

The police said on Thursday that the charges are "related to Kam's alleged promotion of a loan programme which raised millions from his lenders".

Kam is said to have deceived lenders into believing that he would generate monies from foreign exchange trading to pay them their returns at 3 per cent per month.

He is the former director of companies such as Kenn Capital and Kenn Organisation International.

His personal website states that he is building a network of companies, which will include "proprietary trading, lifestyle, technology and wellness businesses".

Kam, along with entities Kenn Organisation and Kenn Group, are listed on the Investor Alert List of the Monetary Authority of Singapore's (MAS) website.

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

The police said: "Members of the public are advised not to deal with unregulated entities or persons offering any investment opportunities.

"If you choose to deal with unregulated entities or persons, you will forgo the protection available under the MAS regulations."

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

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

Offenders guilty of cheating and dishonestly inducing a delivery of property can be jailed for up to 10 years and fined.