NG Yu Zhi, a Singapore businessman linked to one of the largest financial fraud cases in the Republic, was slapped with 20 more charges on Monday, bringing his total to 51, the Attorney-General's Chambers said in a press statement.

Ng is a director of Envy Asset Management and Envy Global Trading, 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.

The charges alleged that Ng duped 20 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 had paid sums ranging from S$170,033 to around S$1.9 million.

Investigations are ongoing, with the next court session to take place on Oct 25.

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

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If convicted, Ng 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. As for each count of forgery, he could be jailed for up to four years and fined.

READ MORE:

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

• Envy director charged with fraud; at least S$1b invested in his 2 firms

• Alleged S$1b nickel fraudster said to spend S$2m a month on private jets, nightclubs, alcohol, luxury cars

• OCBC, UOB shut accounts linked to alleged US$1.4b nickel fraudster long before his arrest

• Purported victims of Ng Yu Zhi's alleged scam include leading lawyers, venture capitalist