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Cheating $ 740 million, Singapore transactors buy a villa, a super car

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At the age of 33, Ng Yu Zhi owns a 3-storey villa in a high-end residential area in Singapore and spent more than $ 5 million to buy a supercar Pagani Huayra.

According to the Bloomberg, Singapore prosecutors accuse Ng Yu Zhi of defrauding at least S $ 1 billion ($ 740 million) from many investors through a series of short commodity transactions. Singapore police describe this as one of the biggest investment fraud scandals ever.

The Singapore authorities have yet to disclose sufficient information about Ng and his fraudulent tricks. However, Bloomberg research court records, interview investors, and determine that the 33-year-old trader has raised huge amounts of investment with a pledge of up to 15% quarterly average interest rates.

This interest rate is equivalent to the achievements of the top hedge fund managers in the world.

Invest in many areas

As a Singapore citizen, Ng is allowed to bail after paying S $ 1.5 million ($ 1.1 million) in bail. This teller must wear an electronic surveillance device. Ng’s trial will continue in the coming weeks.

Ng’s past remains a secret. However, this teller has become well known in Singapore’s philanthropic community, supercar players and entrepreneur club in recent years. In August 2020, Ng was honored by Yong Loo Lin School of Medicine at National University of Singapore for his contributions in fundraising activities.

Transaction officer Ng Yu Zhi. Photo: PR Newswire.

According to the Straits Times, Singapore authorities confiscated assets worth S $ 100 million ($ 74 million) – including super car Pagani Huayra – of Ng to serve the investigation. A source from the police said the Pagani Huayra is priced at about $ 5.2-5.9 million.

Ng invests in many industries, from commodities, technology startups to Japanese restaurants and veterinary clinics. The fraud allegations against Ng revolved around his transactions at Envy Asset Management and Envy Global Trading. Ng controlled and served as director of these two companies.

Of the more than S $ 1 billion ($ 747 million) poured into these two companies, about S $ 300 million ($ 224 million) was transferred to Ng’s private account, prosecutors alleged. About S $ 200 million ($ 150 million) disappeared without a trace.

To date, Ng’s customers have only received payments totaling S $ 700 million ($ 523 million). However, Ng owed investors S $ 1 billion (US $ 747 million) to investors.

Deceive by short transaction

According to the indictment, Ng raised money from investors to buy nickel from an Australian company called Poseidon Nickel Ltd. However, Ng has never made this transaction. Poseidon CEO Peter Harold asserted that the company has no relationship with Ng or related companies.

In addition, Ng also told investors that he signed multiple contracts with French bank BNP Paribas SA. However, these contracts do not exist at all. BNP does not have an account or transaction history with Ng, Envy Asset Management or Envy Global Trading.

Reply BloombergAn investor of Ng said that he started investing with Ng in 2018. Since then, this investor has never withdraw money because he believes in Ng’s ability to generate profits.

Ng’s list of investors includes fund management company Envysion Wealth Management and Ms. Shim Wai Han – founder of Envysion. The indictment said Ng persuaded Envysion and Ms. Shim to invest $ 35.8 million in virtual nickel investment transactions. “Our goal now is only one, which is to get money back to investors and to ourselves,” Shim said.

Singapore is the center of financial transactions in Asia. Photo: AP.

Neither Ng’s Envy Asset nor Envy Global is licensed by the Monetary Authority of Singapore (MAS) because the law does not require that companies investing in physical assets have a license. After Ng’s scandal, MAS put Envy Asset on the warning list. Currently, Envy Asset is no longer active. Ng was removed from his position as chief executive officer of Envy Global last month for a fraud scandal.

Before Ng’s scandal, Singapore was shaken by the financial fraud of the oil business group Hin Leong Trading Ltd. last year.

However, expert Lawrence Loh – director of the Center for Management and Sustainability at the National University of Singapore Business School – said that Singapore government needs to ensure a balance between tightening financial regulations and controls. create favorable conditions to attract investors.

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