Singapore businessman Ng Yu Zhi faces seven new counts of cheating involving over S$23m

NG Yu Zhi, a Singaporean businessman linked to one of the biggest financial fraud cases here, was charged on Monday with seven more counts of cheating involving over S$23 million.

Ng, 34, ran Envy Global Trading (EGT) and Envy Asset Management, which allegedly raised at least S$1 billion from investors for fake deals related to nickel trading. He was arrested in February and first charged with cheating and fraudulent trading in March.

Monday's charges allege that Ng duped seven parties between last September and January this year into purchasing some receivables from EGT's purported sale of nickel to a firm named Raffemet, when there was no such transaction.

The parties paid sums ranging from S$650,000 to S$14 million.

With the latest charges, Ng now faces 18 counts of cheating, fraudulent trading and forgery.

He was charged in April with forging bank documents during the course of investigations.

Ng has been out on bail of S$1.5 million.

Investigations against him are still ongoing. His case is expected to be heard again on June 28.

If convicted, he could be jailed for up to 10 years and fined for each count of cheating.

For each count of fraudulent trading, he could be jailed for up to seven years, fined up to S$15,000 or both.

For each count of forgery, he could be jailed for up to four years and fined.

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