Singapore businessman Ng Yu Zhi linked to alleged fraud of record S$1bil, hit with 2 more charges


Ng Yu Zhi now faces a total of 11 counts of cheating, fraudulent trading and forgery involving about $57 million. - ST

SINGAPORE (The Straits Times/ANN): A Singaporean businessman linked to an alleged fraud involving more than S$1 billion is facing two more charges for forging bank documents.

Ng Yu Zhi, 34, is accused of fabricating two electronic records -- one of a US$60 million ($79.5 million) bank transfer and the other, US$302 million that was purportedly the balances of his company's bank account.

With the latest charges, Ng now faces a total of 11 counts of cheating, fraudulent trading and forgery.

Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, is said to have raised the money from investors, purportedly to finance nickel trading.

The investors were promised varying returns averaging 15 per cent over three months.

Of the $1 billion invested in the companies between October 2017 and February this year, about $300 million was allegedly transferred to Ng's personal account, the court had earlier heard.

The Commercial Affairs Department has seized about $100 million of assets from him.

Neither of Ng's firms is licensed by the Monetary Authority of Singapore (MAS).

The MAS stated on March 22 that it had been informed that EAM claimed it was in the process of applying for a licence, even though no application had been submitted.

EAM had been on its investor alert list since March last year.

Ng, who is represented by Navin Thevar from Davinder Singh Chambers, is currently out on bail of $1.5 million.

He also has to continue wearing an electronic tag, and comply with a 10pm to 6am curfew.

His bail is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.

Investigations against Ng are still ongoing.

His case is expected to be heard again on May 17.

If convicted, he could be jailed for up to 10 years and fined for each count of cheating.

For each count of fraudulent trading, he could be jailed for up to seven years, fined up to $15,000 or both.

For each count of forgery, he could be jailed for up to four years and fined. - The Straits Times/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Singapore , Ng Yu Zhi , court , charges , fraud , businessman

   

Next In Aseanplus News

Asean News Headlines as at 8pm on Thursday (Aug 5)
Indonesia says 'Jurassic Park' project on track despite Unesco warnings
China slams US approval of arms sale to Taiwan
Vietnam logs 7,244 new Covid-19 cases and 393 deaths
At least 40 bodies found in Myanmar jungle area after army crackdown: media
Indonesian govt and private sector team up to train 9 million digital professionals by 2030
Cambodian cashew, pepper firms have shot to sell products on Alibaba.com
Indonesia hails 'new era' for US ties, hosts biggest joint military drills
Expats wait anxiously as Singapore weighs Covid-19 reopening
Moderna says its Covid-19 shot remains 93% effective 4-6 months after second dose

Stories You'll Enjoy


Vouchers