SINGAPORE - A businessman allegedly linked to one of Singapore's biggest investment fraud schemes has been handed 12 more charges and is now accused of using more than $2.4 million of his purported ill-gotten gains for items including partial payments of two luxury cars- a Bentley Mulsanne and a Porsche Boxster.
Singaporean Ng Yu Zhi, who was charged on Monday (March 28) with 12 counts of dealing with the benefits of his alleged criminal activities, is also said to have used US$250,000 (S$338,000) to make a partial payment for jewellery described as a "white emerald cut diamond promise ring set with white tapered... diamond shoulders".
The 34-year-old Singaporean now faces more than 100 charges in all for offences including multiple counts of cheating.
Ng, the former director of Envy Asset Management and Envy Global Trading, is said to be linked to a nickel trading scheme that allegedly cheated investors of at least $1.2 billion.
He was arrested in February last year and first charged with cheating and fraudulent trading the following month.
In August last year, the High Court approved the winding up of Envy Global Trading and its sister firms.
Among his latest charges, Ng allegedly removed more than US$6.5 million of his purported ill-gotten gains from Singapore's jurisdiction between March and December 2019.
He is accused of transferring the monies to bank accounts belonging to others at places including Vietnam, Cambodia and Taiwan.
Separately, he is accused of acquiring over $92 million in one of his bank accounts from other accounts, including one belonging to Envy Asset Management between March 2019 and February 2020.
Ng allegedly transferred more than $9.7 million from one of his bank accounts to two others belonging to him between December 2019 and February 2020.
At around the same time, he also allegedly transferred more than $3.4 million from the bank account to five people and a company called Invidia Capital.
Ng is said to have made partial payment for the diamond jewellery on April 10, 2019.
Between December 2019 and February 2020, he allegedly used more than $2.4 million for items including partial payments for the two luxury cars.
He is also said to have used the monies to buy convertible bonds of a firm called Xen Technologies and shares from HRE 2 Holdings.
Ng's pre-trial conference will be held on May 10.