Trader linked to $1 billion fraud handed 5 more cheating charges
SINGAPORE — A trader linked to a fraud involving about $1 billion was handed five additional charges related to cheating on Tuesday (20 April).
Ng Yu Zhi, 33, director of Envy Asset Management (EAM), and former director of Envy Global Trading (EGT), is accused of cheating five individuals to pay around $8.8 million to EGT in connection with its forward contracts with Raffemet Pte Ltd for the sale of nickel, when there were no such forward contracts.
Ng now faces a total of nine charges, which consist of seven counts of cheating – for cheating six individuals and an entity of more than $57.6 million in connection with its forward contracts with Raffemet – and two counts of fraudulent trading, for being a party to the businesses of EAM and EGT that were carried out for fraudulent purposes.
According to the Singapore Police Force, between October 2017 and February this year, EAM and EGT were believed to have raised at least $1 billion from investors to purportedly finance nickel trading activities. Under the investment contracts, investors were promised varying returns, which averaged 15 per cent over an investment period of three months.
The Monetary Authority of Singapore brought EAM and EGT to the attention of the Commercial Affairs Department (CAD) last November.
The CAD investigated into the activities of the two entities, and Ng was subsequently arrested on 16 February for suspected cheating.
As part of investigations, dealings in bank accounts and properties belonging to various entities connected to Ng were curtailed. The current estimated value of the bank accounts and the properties is around $100 million.
If convicted of fraudulent trading, Ng faces jail of up to seven years, or a fine of up to $15,000 or both. If convicted of cheating, he faces a jail term of up to 10 years and a fine.
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