SINGAPORE - A businessman allegedly linked to one of Singapore's biggest investment fraud schemes has been handed 12 more charges and is now accused of using more than $2.4 million of his purported ill-gotten gains for items including partial payments of two luxury cars- a Bentley Mulsanne and a Porsche Boxter.
Singaporean Ng Yu Zhi, who was charged on Monday (March 28) with 12 counts of dealing with the benefits of his alleged criminal activities, is also said to have used US$250,000 (S$338,000) to make a partial payment for jewellery described as a "white emerald cut diamond promise ring set with white tapered... diamond shoulders".
Ng, the former director of Envy Asset Management and Envy Global Trading, is said to be linked to a nickel trading scheme that allegedly cheated investors of at least $1.2 billion.
He was arrested in February last year and first charged with cheating and fraudulent trading the following month.
In August last year, the High Court approved the winding up of Envy Global Trading and its sister firms.
Among his latest charges, Ng allegedly removed more than US$6.5 million of his purported ill-gotten gains from Singapore's jurisdiction between March and December 2019.
He is accused of transferring the monies to bank accounts belonging to others at places including Vietnam, Cambodia and Taiwan.
Separately, he is accused of acquiring over $92 million in one of his bank accounts from other accounts, including one belonging to Envy Asset Management between March 2019 and February 2020.
More at https://www.asiaone.com/singapore/3...biggest-investment-scams-gets-12-more-charges