Singapore prosecutors on Monday filed 13 additional charges against a local businessman in relation to a scheme that allegedly raised more than S$1bn from investors to fund bogus nickel trades.
According to the charge sheets, prosecutors allege that Ng, 34, cheated nine individuals and three corporate entities of about $63.6m in connection with EGT's non-existent forward nickel contracts. DBS declined comment on the case but said it maintains robust systems and controls to identify and report suspicious transactions.The scheme raised about S$1.5bn from nearly 1,000 investors, with about S$731m of this later withdrawn by investors, according to interim judicial managers at accounting firm KPMG.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: