The Straits Times
Envy nickel trading boss alarmed some banks in Singapore long before his arrest
Ng Yu Zhi allegedly misappropriated at least $201 million from Envy Global Trading s account at DBS.PHOTOS: REUTERS, KELVIN CHNG
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The Straits Times
Investors in Envy nickel trading scheme may have to return gains of $119.7m
The 424 investors had invested in a dodgy $1.2 billion nickel trading scheme involving businessman Ng Yu Zhi (right).PHOTOS: REUTERS, ST FILE
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July 07, 2021
published at 12:46 AMReuters
Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore, on April 20, 2021.
Reuters
SINGAPORE, July 6 - A Singapore court has tightened bail conditions for a businessman accused of involvement in a bogus, billion-dollar nickel trading scheme after the prosecution said plans were afoot to help him flee the country.
Ng Yu Zhi, a former managing director of trading companies Envy Global Trading (EGT) and an inactive firm, Envy Asset Management, has been implicated by authorities in a fraudulent scheme that raised at least $1.5 billion from investors.
The prosecution said police had uncovered a plot involving at least three people to help Ng escape the city-state by land or sea, although the investigations did not show the extent of Ng s involvement.
Singapore ups bail of alleged billion-dollar fraudster over escape fears reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Temasek Holdings legal counsel, other prominent lawyers among victims of Singapore’s largest financial scam
Pek Siok Lan was reportedly cheated of S$5.5 million, according to fresh charge sheets against Singaporean businessman Ng Yu Zhi, who has been prosecuted for allegedly swindling investors into non-existent nickel deals.
Ng, the director of Envy Asset Management and Envy Global Trading, was previously facing 18 charges for cheating, fraudulent trading, and forgery. He was slapped with the 13 new charges on Monday (28 June).
Other than Pek, the alleged victims named in the new charges include criminal lawyer Sunil Sudheesan and ex-president of the Law Society Thio Shen Yi.