SINGAPORE – A Singaporean businessman linked to an alleged fraud involving more than $1 billion is facing two more charges for forging bank documents.
Ng Yu Zhi, 34, is accused of fabricating two electronic records – one of a US$60 million ($79.5 million) bank transfer and the other, US$302 million that was purportedly the balances of his company’s bank account.
With the latest charges, Ng now faces a total of 11 counts of cheating, fraudulent trading and forgery.
Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, is said to have raised the money from investors, purportedly to finance nickel trading.
The investors were promised varying returns averaging 15 per cent over three months.
Of the $1 billion invested in the companies between October 2017 and February this year, about $300 million was allegedly transferred to Ng’s personal account, the court had earlier heard.
The Commercial Affairs Department has seized about $100 million of assets from him.
Neither of Ng’s firms is licensed by the Monetary Authority of Singapore (MAS).
The MAS stated on March 22 that it had been informed that EAM claimed it was in the process of applying for a licence, even though no application had been submitted.
EAM had been on its investor alert list since March last year.
Ng, who is represented by Mr Navin Thevar from Davinder Singh Chambers, is currently out on bail of $1.5 million.
He also has to continue wearing an electronic tag, and comply with a 10pm to 6am curfew.
His bail is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.
Investigations against Ng are still ongoing.
His case is expected to be heard again on May 17.
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 $15,000 or both.
For each count of forgery, he could be jailed for up to four years and fined.
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