Ng Yu Zhi, 34, is facing two counts of fraudulent trading that was allegedly done through Envy Asset Management and Envy Global Trading between October 2017 and February this year. — TODAY picSINGAPORE, March 23 — The director of two companies that are under probe for what is one of the largest financial fraud cases in Singapore was charged with cheating and for being a party to fraudulent trading.
“The Singapore authorities will continue to work together to take swift action against persons suspected of perpetrating fraudulent activity,” it said in a statement on Monday. Ng allegedly deceived two parties into paying at least S$48 million to Envy Global Trading in connection with its forward contracts with another company Raffemet for the sale of nickel, when there were no such contracts.
Ng is also alleged to have cheated investors into entering contracts with Envy Global Trading to support its dealings in selling nickel to BNP Paribas bank when there were no such dealings. MAS had received public feedback that Envy Asset Management claimed that it was in the process of applying for a licence, even though no application had been submitted.
If convicted of cheating, Ng may be jailed up to 10 years and shall also be liable to a fine, the police said.
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