According to reports in Asian news outlets, Solaire Resort and Casino in Manila filed a police report against Singaporean national and junket operator Dominic Sim for defrauding the casino of millions of dollars. The casino claimed that it had hired Sim to promote the Solaire casino in Asian countries and bring back a VIP clientele. The 37 year old Sim is CEO of the Bullion Investment Group that is based in Singapore.
Sim had struck up a deal with the Solaire casino which allowed him to collect a special fee for bringing VIP gamblers to the casino. He would also buy chips directly from the casino and then sell them to his VIP clientele for playing at the casino. According to reports, since the casino did not sell chips on credit, Sim allegedly convinced the casino that he had completed a wire transfer to purchase $30 million in gambling chips and managed to collect $8 million in chips during February 2014.
A representative of the Solaire Resort & Casino had stated in reports that they didn’t go to police with matter right away as he said he would repay the money. The casino was only able to collect $3 million and since Sim could not pay back the remaining $5 million, they decided to file a report with the authorities and terminate the partnership they had with Sim and his company.
Authorities in the Philippines arrested Sim but later released him on bail and asked him not to leave the country until all charges were dropped and his name was cleared. According to Sim was robbed and unable to pay his hotel bill which exceeded $2,000, and that was the only reason he was arrested.
Sim and his company have been tarnished by this scandal as many have already made up their minds and labelled him as guilty. However, he refutes these claims and states that the casino and the media in the Philippines have framed him with false charges and never investigated the matter completely.
Sim said “Neither Bullion Investment Group… nor myself ever sent or used a fake telegraphic transfer to cheat them of $5 million. The said fraudulent telegraphic transfer was sent by one of Bullion’s accredited investor… against all our knowledge. I was robbed, framed and charged in Manila over a less than $2,000 non-payment of hotel bills”