Multimillion-dollar car of man linked to alleged $1b fraud seized

Businessman Ng Yu Zhi's Pagani Huayra (far left) is the only one in Singapore.
Businessman Ng Yu Zhi's Pagani Huayra (above) is the only one in Singapore.PHOTOS: ENVY MOTORS/ FACEBOOK
Businessman Ng Yu Zhi's Pagani Huayra (far left) is the only one in Singapore.
Businessman Ng Yu Zhi's Pagani Huayra is the only one in Singapore.PHOTOS: ENVY MOTORS/ FACEBOOK

A multimillion-dollar Pagani Huayra hypercar owned by beleaguered businessman Ng Yu Zhi was among the $100 million worth of assets seized by the Commercial Affairs Department (CAD), The Straits Times understands.

Ng, the 33-year-old director of Envy Asset Management and Envy Global Trading, was charged last week with two counts of cheating fund management company Envysion Wealth Management and its chief executive, Ms Shim Wai Han, of at least $48 million.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

A version of this article appeared in the print edition of The Straits Times on April 01, 2021, with the headline 'Multimillion-dollar car of man linked to alleged $1b fraud seized'. Subscribe