Ng Yu Zhi

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Ng Yu Zhi (born c. 1987), [1] also known as Ng You Zhi, [2] [3] is a Singaporean alleged con artist and fraudster. The former director of Envy Global Trading, he was charged in March 2021 with running the largest Ponzi scheme [1] in the history of Singapore, worth about S$1.5 billion.

Contents

Business career

Ng founded and directed Envy Asset Management and Envy Global Trading. [4] He was a major shareholder in several eateries, including Cicada in Clarke Quay and Nishikane and Sake Labo in Stanley Street. [5] He also invested in a range of other business, including an interior design firm and a veterinary clinic. [6] According to the Business Times , Ng was also an "increasingly visible figure in Singapore's philanthropic community" who had a "positive public image" until his arrest, [1] with the Yong Loo Lin School of Medicine at the National University of Singapore commending him in August 2020 for his philanthropy. [2]

Fraud allegations

Following a probe in November 2020 by the Commercial Affairs Department (CAD) into suspicious activities carried out by his two companies, [7] Ng was arrested on 16 February 2021. [8] On 22 March 2021, he was charged with cheating and "being a party to fraudulent trading". He posted S$1.5 million bail and remained under 24-hour monitoring. [9] The following month, he was charged with forging bank documents. [10] In July 2021, his bail was raised to S$4 million. [11]

According to the prosecution, as part of an alleged Ponzi scheme that stretched from October 2017 till February 2021, [12] Ng courted investors for funds to purchase nickel metal from a company called Poseidon Nickel at a discounted price. The nickel would be resold for a profit to BNP Paribas Commodity Futures or Raffemet; Ng allegedly guaranteed his investors three-month profits averaging 15 per cent. [8] However, independent investigators alleged that the nickel being traded was nonexistent, [8] and that between S$300 million and S$474 million was transferred to Ng's personal bank accounts. [1] [13] About S$1.5 billion was invested in the alleged scam, with S$731 million returned to investors, [14] and around S$1 billion owed to them. [15] Ng's alleged scam reportedly ensnared some 300 victims; [16] if convicted, Ng would have had executed the largest investment fraud in the history of Singapore. [9]

As a result of the fraud allegations, Ng's restaurant Cicada closed, and Nishikane and Sake Labo were put up for sale by liquidators. [5] He was declared bankrupt in 2022. [17] During his trial, one witness testified that two investors in his alleged Ponzi scheme "had died directly or indirectly because of pressure from this case." [17]

Personal life

Ng is married to Fujian native Coco Cai (born c. 1991), with whom he has one son and one daughter. [1] He lived with his family in a rented three-storey bungalow in Bukit Timah and owned a penthouse in Orchard Road. [1] He reportedly had a vast collection of sports cars and other luxury goods worth around S$100 million—including the only Pagani Huayra in Singapore—which was seized by the Commercial Affairs Department (CAD) in 2021 as part of investigations into his alleged fraud. [18]

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References

  1. 1 2 3 4 5 6 Tan, Angela (16 July 2021). "Diamonds, nickel – and S$1.46b of failed promises". Business Times . Closed Access logo transparent.svg
  2. 1 2 Cang, Alfred; Ramli, David; Chanjaroen, Chanyaporn (16 April 2021). "Wunderkind's alleged $970 million fraud jolts Singapore". The Sydney Morning Herald .
  3. ↑ "HReasily Receives US$5 Million Investment from Envy Capital". Asiaone . 11 September 2019.
  4. ↑ "Singapore Charges 33-Year-Old in Alleged $750 Million Fraud". Bloomberg News . 23 March 2021. Closed Access logo transparent.svg
  5. 1 2 Lim, Joyce (1 August 2021). "Envy ex-director's eateries – one shut, two up for sale". The Straits Times . Closed Access logo transparent.svg
  6. ↑ Lim, Joyce (4 August 2021). "Curtain falls on business empire of Ng Yu Zhi, who is behind billion-dollar Envy 'nickel trading scheme'". The Straits Times . Closed Access logo transparent.svg
  7. ↑ "Businessman charged with cheating and fraud involving S$1 billion in nickel trading scheme". Today . 23 March 2021.
  8. 1 2 3 Leong, Grace (20 July 2021). "How Ng Yu Zhi allegedly perpetrated the billion-dollar Envy 'nickel trading scheme'". The Straits Times . Closed Access logo transparent.svg
  9. 1 2 Sun, David (22 March 2021). "Singapore businessman linked to alleged fraud of record $1 billion charged". The Straits Times .
  10. ↑ Wong, Shiying (27 April 2021). "S'pore businessman Ng Yu Zhi, linked to alleged fraud of record $1 billion, hit with 2 more charges". The Straits Times .
  11. ↑ Chen, Lin (6 July 2021). "Singapore ups bail of alleged billion-dollar fraudster over escape fears". Reuters .
  12. ↑ "Press Release". Singapore Police Force. 22 March 2021.
  13. ↑ "Vickers Venture Partners ensnared by alleged billion-dollar nickel fraud". The Straits Times . 7 May 2021.
  14. ↑ Lim, Joyce (24 June 2021). "$1.5b bogus trading scheme: Firms linked to suspect being wound up". The Straits Times .
  15. ↑ Lam, Lydia (28 June 2021). "S$1b Envy Global nickel investment case: Ex-director gets more charges involving S$284 million". Channel News Asia .
  16. ↑ Tay, Tian Wen (28 June 2021). "Will the Envy misstep tarnish what could be Vickers' 'best year'?". Tech in Asia. Closed Access logo transparent.svg
  17. 1 2 Leong, Grace (28 November 2024). "2 investors in Ng Yu Zhi's Ponzi scheme 'died because of pressure from case': Private banker" . Retrieved 28 November 2024.
  18. ↑ Lim, Joyce (1 April 2021). "Luxury cars among $100m of assets seized from Envy director involved in alleged $1b fraud". The Straits Times . Closed Access logo transparent.svg
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