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SINGAPORE – A businessman charged on Monday (March 22) has been linked to an alleged fraud involving at least $ 1 billion, the largest in Singapore’s history.
Ng Yu Zhi, 33, is the director of two companies and is said to have raised money from investors, allegedly to finance the nickel trade.
The alleged victims were promised variable returns, averaging 15 percent over three months.
But the nickel swaps never took place and investors are still owed the money, police said Monday.
Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, was charged with two counts of cheating and two of being part of a fraudulent trade involving around $ 48 million.
He is expected to face more charges at a later date.
Of the $ 1 billion invested in companies between October 2017 and last month, about $ 300 million was reportedly transferred to his personal account.
The Department of Business Affairs has seized $ 100 million in assets from Ng.
Neither company is licensed by the Monetary Authority of Singapore (MAS).
EAM has been on your investor watch list since March of last year.
MAS said it had received public comments that EAM claimed it was in the process of applying for a license, even though no application had been submitted.
The prosecution requested a $ 3 million cash bond in addition to the electronic tagging.
The court was informed that Ng has a family and access to assets abroad.
He has a registered company with a bank account in London and significant investments in Hong Kong, London and Switzerland.
Ng also has a son with a partner who has since returned to China and had given him valuable gifts, including several cars here.
The defense requested a bond of $ 1 million with electronic tagging, citing the Sunshine Empire Ponzi scheme case, where the defendants received a bond of a maximum of $ 800,000.
District Judge Terence Tay set a $ 1.5 million bond with electronic tagging and a 10 p.m. to 6 a.m. curfew, believed to be the highest amount imposed since electronic monitoring was introduced as a condition for bail in 2018. .
The case was postponed until May 17 and the prosecution is expected to press further charges. Ng is believed to be in pre-trial detention.
If convicted, he could be jailed for up to 10 years and fined for each count of cheating.
For each charge of fraudulent trading, you could be jailed for up to seven years, fined up to $ 15,000, or both.
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