OCBC closes account linked to alleged scammer

OCBC, Singapore’s second-largest bank, closed the Cicada restaurant’s account, which left it unable to pay employees, the Straits Times cited Raymond Lim, a director of Cicada YJL, as saying.

SINGAPORE: A restaurant linked to the Singapore businessman at the heart of an alleged US$1bil (RM4.22bil) scam has closed down after Oversea-Chinese Banking Corp (OCBC) terminated its bank account, the Straits Times reported yesterday, citing a director of the restaurant.

OCBC, Singapore’s second-largest bank, closed the Cicada restaurant’s account, which left it unable to pay employees, the Straits Times cited Raymond Lim, a director of Cicada YJL, as saying. The account closure came after the arrest of Ng Yu Zhi, who has been accused of fraud and cheating investors, according to the report.