In a significant royal decree, His Majesty King Norodom Sihamoni has ordered the revocation of the "Oknha" title from Hy Kimhong, a prominent businessman implicated in a sprawling multi-million dollar fraud case. This decisive action comes amidst allegations that Mr. Hy was complicit in a $100 million land fraud scheme, impacting thousands of Cambodian families.

Royal Decree No. NS/RKOT/0424/341, issued on April 11, 2024, marks a firm stance against financial malpractice. Mr. Hy, serving as the Chairman of Piphup Deimeas Investment Co., Ltd., faces charges of aggravated fraud under Article 380 of the Penal Code, as stated by Phnom Penh Municipal Court Deputy Prosecutor Seng Heang.

The fraud case, which unfolded in Kampot Province, saw 1,105 families filing complaints against Mr. Hy's company on August 9, 2023. Many victims had taken loans from banks to invest in the company's land project, anticipating returns that never materialized. As a result, they found themselves ensnared in debt, prompting legal action against the accused.

Kong Seklang, a representative for claimants from Kampong Cham province, highlighted the magnitude of the fraud, estimating losses exceeding $100 million. The Royal Decree underscores the King's commitment to upholding justice and safeguarding the interests of the Cambodian people.