Nickel scam accused’s buying spree extends to S$8 million on semi-detached house, S$2 million on art pieces: witnesses
The prosecution contends that the funds he used were from the criminal benefits that were obtained from fraudulent nickel trading
[SINGAPORE] Ng Yu Zhi spent S$8 million on a semi-detached house and splurged S$2 million on a total of 41 works of art, allegedly using the ill-gotten gains from his purported nickel trading.
Ng, 37, accused of swindling nearly 1,000 victims of about S$1.5 billion over six years, paid S$8 million for a freehold, semi-detached house in the Kembangan area in 2020, based on the statement of prosecution witness Johnson Koh, a director of TLA-CS that sold the property to Ng.
TLA-CS granted Ng the option to purchase in July 2020, with the sale of the property to a Geraldine Lim completed in November that year. But TLA-CS’ Koh did not say in the statement tendered to court on Thursday (Apr 17) the relationship between Lim and the accused.
Copyright SPH Media. All rights reserved.
