(April 26): Singapore has brought charges of forging bank documents against a businessman who has already been accused of allegedly raising at least S$1 billion ($754 million) from investors for commodity trades that didn’t exist.
Singaporean Ng Yu Zhi, 34, is charged with fraudulently making a false electronic record to show $60 million had been transferred from Envy Asset Management Trading’s Citibank account to another account in February, according to a new charge sheet seen by Bloomberg News. The record was made with intent to commit fraud, it said.
He’s also charged with fraudulently making a false electronic record to show a combined balance of $303 million in Envy Asset Management Trading’s Citibank accounts as of March, another charge sheet said. This brings total counts against him to 11. An email inquiry sent to Ng and Envy Group was unanswered.
Singapore’s police have called the case that Ng is involved in one of the city-state’s largest-ever suspected investment fraud schemes. It’s also the latest in a series of scandals in the financial and commodities-trading hub, where assets under management have swelled to S$4 trillion thanks largely to inflows from overseas.
Envy Asset Management and Envy Global Trading, companies Ng controlled and where he was a director, are currently seeking to be placed under interim judicial management, court documents showed. Both Envy Asset and Envy Global are under investigation by local authorities, according to a police statement in February.