He later sued Ms Jiang in the High Court to try to get the $2 million back.
Mr Toh, who The Straits Times understands is a director and shareholder of several companies including a recycling firm, relied on a loan agreement signed in March 2017 as evidence to support his claim.
But Ms Jiang said the sums she received were gifts.
She claimed that the 2017 agreement, signed by them both, was a sham document to placate Mr Toh s wife, improve his standing among his family and friends and obtain a loan from one of his companies.
Last year, the High Court held that about $680,000 of the $2 million sought was transferred to Ms Jiang as gifts and not recoverable by Mr Toh.