Ng Yu Zhi slapped with 12 new charges from nickel trading fraud

Singapore

BUSINESSMAN Ng Yu Zhi, who is allegedly involved in a US$1.1 billion nickel trading scam, was on Monday (Mar 28) slapped with 12 new charges, bringing the total number of charges he is facing to 105.

The new charges relate to the transfer of funds that represent his benefits from criminal conduct, and also include the purchase of cars, jewellery and other property, the Attorney-General's Chambers said.

Among the fresh charges, Ng was charged with receiving S$110.3 million in his personal bank accounts from Envy Asset Management, while he knowingly carried on its business with fraudulent intent.

He was also charged with spending some US$250,000 on diamond jewellery, S$2.5 million on property - including 2 cars, insurance, convertible bonds and shares - and S$3.7 million on credit card bills, condominium rent, and interior design services. The transactions were made between December 2019 and February 2020.

Additionally, Ng was charged with transferring US$108,000 and S$3.4 million in his personal accounts to other parties, as well as US$6.6 million to foreign bank accounts in the UK, Vietnam, Cambodia, France and Taiwan.

He had also made transfers amounting to S$9.8 million within his personal accounts.

Ng, who was director of Envy Asset Management and Envy Global Trading, allegedly raised at least S$1 billion from investors for fake deals related to nickel trading in one of Singapore's largest investment fraud schemes.

The next court date for Ng is a pre-trial conference on May 10.