The SCMP reports
- Top lawyers and investors signed up for businessman Ng Yu Zhi’s scheme that allegedly raised S$1 billion for commodity trades that didn’t exist
- Observers say with a growing moneyed class in the city state, it’s a lesson to investors to do extensive due diligence
Three months ago, Ng Yu Zhi’s name was largely unknown to regular Singaporeans.
Then the 34-year-old businessman was accused of fraud amounting to S$1 billion (US$744.5 million), in which he allegedly swindled the money selling nickel deals that never took place.
Prosecutors alleged the money probably fuelled a lavish lifestyle. Ng lived in a three-story home with a fancy address and owned the city state’s only Pagani Huayra supercar costing more than S$7 million. Even Ng’s bail is an outsized S$1.5 million.
Read the full article at https://www.scmp.com/week-asia/economics/article/3139185/singapore-alleged-nickel-fraud-ensnares-members-its-growing
