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Businessman linked to alleged $1b fraud faces more charges

Businessman linked to alleged $1b fraud faces more charges

Source: Straits Times
Article Date: 21 Apr 2021
Author: Dominic Low

Ng Yu Zhi was charged on April 20 with five additional counts of cheating, connected to the alleged fraud.

A businessman is facing more charges over his link to an alleged fraud involving more than $1 billion - the largest in Singapore's history.

Ng Yu Zhi, 33, had previously been charged with two counts of cheating and two of being a party to fraudulent trading involving about $48 million.

He was charged yesterday with five additional counts of cheating connected to the alleged fraud and involving over $8 million.

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

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 Mr 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.

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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