Ng Yu Zhi faces another 18 charges; allegedly swindled 2 investors out of S$20 million
NG Yu Zhi, the accused alleged to have perpetrated one of Singapore's largest investment fraud schemes, has been slapped with another 18 charges on Oct 25.
The charges relate to two individuals said to have been conned of some S$20 million collectively.
Ng, 34, now faces 69 charges. The prosecution told the court that it reserves the right to ask for the current bail of S$4 million to be raised. Deputy Public Prosecutor Kevin Yong also said that investigations against Ng are ongoing.
Ng's new set of charges allege that he duped an investor Nai Soo Tong twice into parting with a total of S$11 million and US$1.8 million over 5 months to buy receivables for the sale of London Metal Exchange-registered nickel briquettes.
Nai had allegedly first in October 2020 to January invested S$7 million and US$1.8 million, and then again in February another S$4 million in such receivables.
However, there were no sales by the firms Ng was a director of, and the receivables were fictitious, the prosecution has alleged.
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Ng's other victim Ong Suat Kuan, named in the charges tendered on Oct 25, was said to have pumped US$4.1 million and S$400,000 between October 2020 and January into similar receivables over nickel trading that was said to be non-existent.
Ng's other alleged offences accuse him of instigating an individual to lodge a document with the Registrar of Companies to falsely show that the paid-up share capital for his company Envy Global Trading had increased from S$1,000 to S$1 million.
He also had allegedly caused Envy to engage in a business to defraud investors to purchase receivables that the company would purportedly receive from its forward contracts for nickel trading.
Ng's next court mention is on Dec 20.
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