Ng Yu Zhi, Accused in $1b fraud scheme faces 13 more charges

Several notable names in the legal fraternity were purportedly cheated by a Singaporean businessman who is alleged to be involved in a $1 billion fraud scheme.

Ng Yu Zhi, 34, director of Envy Asset Management and Envy Global Trading, is said to have swindled investors into putting at least $1 billion into nickel deals that never took place.

The investors were promised varying returns averaging 15 per cent over three months.

Ng, who was arrested in February, had 18 charges against him for cheating, fraudulent trading and forgery. Yesterday, he was slapped with another 13 similar charges.

He is accused of criminal breach of trust involving more than $200 million.

The alleged victims named in the new charges include Temasek International general counsel Pek Siok Lan, criminal lawyer Sunil Sudheesan and former Law Society president Thio Shen Yi.

Ms Pek was allegedly cheated of $5.5 million, Mr Sunil of $1 million, and Mr Thio of $87,000.

Ms Pek joined Temasek in 2012, and her profile on its website says she has more than 25 years of experience in the legal sector, including handling several complex mergers and acquisitions.

Mr Sunil heads the criminal department of law firm Quahe Woo and Palmer. He is also president of the Association of Criminal Lawyers of Singapore and a council member of the Law Society.

Mr Thio is a founding partner of TSMP Law and was named Singapore Lawyer of the Year at the Benchmark Litigation Asia-Pacific Awards last year.

Other notable names allegedly cheated by Ng include investment professionals.

Vickers Capital Group chairman Finian Tan was purportedly swindled of US$19.2 million (S$25.8 million), and Chuan Hup Holdings chief executive Terence Peh was said to have been cheated of $3 million.

The other people named are Ms Hooi Shoke Fun, Mr Hooi Siew Yan, Ms Shermeen Wong Ying Ling and Mr Danny Lien Chong Tuan.

FinComm Group, Sun Hope Capital and Fei Hong Fund were also listed as victims in the charge sheets.

As at last month, at least four lawsuits had been filed by investors seeking to claim some $50 million from Envy Global Trading and Ng.

The Commercial Affairs Department has seized about $100 million of assets from him.

Neither of Ng's firms is licensed by the Monetary Authority of Singapore. It stated that it was informed in March that Envy Asset Management had claimed it was applying for a licence, even though no application was submitted.

Ng, who is represented by Mr Navin Thevar from Davinder Singh Chambers, is out on bail of $1.5 million. He has to continue wearing an electronic tag and comply with a curfew from 10pm to 6am.

His bail is believed to be the highest sum imposed since electronic monitoring was introduced as a condition of bail in 2018.

Yesterday, the defence asked the court for some time to make representations for a bail review in the light of the new charges. District Judge Terence Tay allowed this and adjourned the case.

Ng is expected to be back in court on July 5 for the review.

If convicted of cheating, he could be jailed for up to 10 years and fined for each charge.

For each charge of fraudulent trading, he could be jailed for up to seven years, or fined up to $15,000, or both.

For criminal breach of trust, he could be jailed for up to 20 years and fined.