Singapore Charges 33-Year-Old in Alleged $750 Million Fraud
Singapore has accused a 33-year-old businessman of fraud over his alleged involvement in cheating investors to put at least S$1 billion ($746 million) into nickel deals that never took place.
Singaporean Ng Yu Zhi was charged with four counts on Monday, a month after the police said they were investigating Envy Asset Management Pte and Envy Global Trading Pte., where Ng served as a director. Investors were promised varying returns, which averaged 15%, over a period of three months, and many rolled over their contracts to reinvest their principal and returns, according to court proceedings.
Singapore, known as a global trading hub for raw materials from crude oil to base metals, has seen heightened disputes over trades with some high-profile corporate failures and fraud allegations in recent years. These cases have spurred regulators to tighten oversight and push for more disclosure.
Of the more than S$1 billion that was invested in the two companies, about S$700 million was paid to investors and S$300 million was transferred to Ng’s personal account, the court heard. An estimated S$200 million of these funds remained unaccounted for. Singapore’s white-collar crime police has seized S$100 million of assets from Ng, who was released on a S$1.5 million bail.
Singapore, known as a global trading hub for raw materials from crude oil to base metals, has seen heightened disputes over trades with some high-profile corporate failures and fraud allegations in recent years. These cases have spurred regulators to tighten oversight and push for more disclosure.
Of the more than S$1 billion that was invested in the two companies, about S$700 million was paid to investors and S$300 million was transferred to Ng’s personal account, the court heard. An estimated S$200 million of these funds remained unaccounted for. Singapore’s white-collar crime police has seized S$100 million of assets from Ng, who was released on a S$1.5 million bail.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
