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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.
Article content Ng Yu Zhi, 34, was responsible for outflows of S$475 million (US$352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ongoing. We apologize, but this video has failed to load. Try refreshing your browser, or Singaporean allegedly swindled $352 million for jet-set life in country s largest fraud case Back to video Ng spent about S$2 million a month to fund his lifestyle, which included the services of a butler and chauffeur, and expenditure on alcohol, hotel rooms and at fine dining restaurants, the report showed. He made “significant monetary gifts to close associates,” it said. ....
Jul 03 2021, 9:51 AM July 02 2021, 7:36 PM July 03 2021, 9:51 AM (Bloomberg) The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts. (Bloomberg) The businessman allegedly behind Singaporeâs biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts. Ng Yu Zhi, 34, was responsible for outflows of S$475 million ($352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ....
Singaporean allegedly swindled US$352 million for jet-set life thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.