Singapore man linked to alleged US$754 million fraud hit with two more charges
27 Apr 2021

Singapore has brought charges of forging bank documents against a businessman who has already been accused of raising at least S$1 billion (US$754 million) from investors for commodity trades that did not exist.

Singaporean Ng Yu Zhi, 34, is charged with fraudulently making a false electronic record to show US$60 million had been transferred from commodity trader Envy Asset Management Trading’s Citibank account to another account in February, according to a new charge sheet seen by Bloomberg News. The record was made with intent to commit fraud, it said.

He is also charged with fraudulently making a false electronic record to show a combined balance of US$303 million in Envy Asset Management Trading’s Citibank accounts as of March, another charge sheet said. This brings the total number of counts against him to 11.

An email inquiry sent to Ng and Envy Group was unanswered.

Singapore’s police have called the case that Ng is involved in one of the city state’s largest-ever suspected investment fraud schemes.

The charges allege that Ng, former managing director of Envy Global Trading and Envy Asset Management, deceived five individuals on multiple occasions into investing about S$8.8 million in connection with non-existent forward nickel contracts.

Read more at South China Morning Post

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