A former accountant at the center of one of Singapore’s largest investment frauds pleaded not guilty on Tuesday to 42 charges, including money laundering, tied to a billion-dollar nickel trading scam.
Ng Yu Zhi, 37, is accused of orchestrating a US$1.1 billion (RM4.91 billion) fraudulent scheme through his company, Envy Group, offering investments in non-existent nickel trades. Prosecutors allege Ng enticed hundreds of clients, including high-profile figures, with promises of 15% average quarterly gains.
Singapore police described the scam, carried out between 2020 and 2021, as one of the largest investment frauds in the city-state’s history. The case has drawn significant attention as Singapore grapples with a series of financial scandals, tarnishing its reputation as a hub of good governance.
Recent High-Profile Convictions in Singapore
- Earlier this month, former oil tycoon Lim Oon Kuin was sentenced to 17.5 years in prison for defrauding HSBC and forging documents.
- In October, S Iswaran, a former cabinet minister, became the first ex-minister in nearly 50 years to be jailed, following charges of obstruction of justice.
The case’s civil trial began on July 30 in Singapore’s High Court, with prosecutors seeking justice for what has become a defining moment for Singapore’s financial and legal systems.
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