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Singaporean Faces More Charges in Alleged $1.1 Billion Scam

Singapore Nickel Trader Faces More Charges Tied to Alleged Scam

A Singaporean businessman accused of masterminding a massive nickel trading scam was handed additional criminal charges tied to about $124 million in cash and assets ranging from luxury cars to jewelry and artwork.

The additions brought the total number of accusations against Ng Yu Zhi to 75, according to charge sheets seen by Bloomberg News after a Singapore State Courts hearing Monday. The offenses allegedly took place between 2020 and February 2021, the documents show.

Hundreds of investors, from businessmen and top legal professionals to financiers and footballers, put their money into the alleged $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted average quarterly gains of 15%. 

The fresh charges accuse Ng, 34, of benefiting from criminal conduct and shuffling money from various bank accounts to his own pocket. 

Ng transferred about $54 million to his accounts at lenders including United Overseas Bank Ltd., Oversea-Chinese Banking Corp., DBS Bank Ltd. and HSBC Holdings Plc., according to the documents.  

He also spent about $70 million acquiring assets including a Ferrari 488 Pista Spider, Bulgari necklaces and rings, and works by artists including Cheong Soo Pieng, the documents allege.

Previous accusations were mostly connected to fraud and cheating investors.

Envy Group is in liquidation, while Ng is out on a $4 million bail and has yet to enter a plea. He didn’t immediately respond to request for comment sent to his phone.

Last month, Envy Group liquidators led by KPMG filed a suit against Ng and three other people for damages totaling about S$517.4 million ($378 million).

©2021 Bloomberg L.P.