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Alleged Singapore fraudster took S$475 million for jet-set life

·1-min read
Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore  April 20, 2021.  REUTERS/Edgar Su
Ng Yu Zhi, 34, pocketed S$475 million from his Envy Group of companies. (PHOTO: REUTERS/Edgar Su)

By Chanyaporn Chanjaroen, David Ramli and Alfred Cang

(Bloomberg) —The businessman allegedly behind Singapore’s biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts.

Ng Yu Zhi, 34, was responsible for outflows of S$475 million (US$352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of S$841.5 million from investors, the report said, adding the tracing of fund flows is ongoing.

Ng spent about S$2 million a month to fund his lifestyle, which included the services of a butler and chauffeur, and expenditure on alcohol, hotel rooms and at fine dining restaurants, the report showed. He made “significant monetary gifts to close associates,” it said.

Ng’s companies are now run by a team of interim judicial managers led by Bob Yap of KPMG LLP. They declined to comment on the report. Ng’s lawyers at Davinder Singh Chambers LLC didn’t immediately respond to a request for comment.

The alleged scam has rattled the moneyed classes in one of Asia’s wealthiest nations as the list of victims grows to include high-profile professionals from the city’s asset management and legal industries. Ng is facing 32 charges, and has been accused of cheating and of criminal breach of trust by misappropriating at least S$201 million.

Related stories on the Envy case

Singapore to Review Fund Managers Amid Alleged Nickel Fraud

Singapore trader’s lavish lifestyle allegedly fuelled by S$1 billion fraud

A $953 Million Singapore Fund Ensnared by Alleged Fraud

© 2021 Bloomberg L.P.

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