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Alleged nickel trading scammer Ng Yu Zhi hit with money laundering-related charge, remanded for 1 week

2024-01-31 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE - Accused nickel trading scammer Ng Yu Zhi has been hit with one new charge on Jan 31, and is again in remand for a further probe into his alleged involvement in money laundering-related offences involving “many parties”.

According to Wednesday’s charge, Ng has been accused of trying to sell a shophouse at 13 Bussorah Street, which he had allegedly acquired with criminal proceeds, to a Gan Wee Pin in October 2023, and personally acquire $500,000 from the sale.

The 36-year-old founder and former managing director of Envy Global Trading and Envy Asset Management was arrested in February 2021, and now faces a total of 106 criminal charges for his alleged involvement in a nickel-trading scam that purportedly cheated investors of US$1.1 billion (S$1.5 billion).

The charges include cheating, criminal breach of trust, forgery, fraudulent trading and money laundering. About 1,000 investors sank their money into the scheme, which touted average quarterly gains of 15 per cent.

Ng was first remanded on Jan 19, 2023, after his bail was increased to $6 million and he was not able to immediately secure the additional funds to make full bail. But he subsequently raised the additional amount and had been out on bail when he was charged on Jan 31.

Deputy Public Prosecutor Gordon Oh asked for Ng to be remanded for one week for the police to conduct further investigations because of “suspected incidents of money laundering involving many parties,” and telecommunication devices found in his possession that require further investigations with his assistance.

If Ng was to be released on bail, DPP Oh said there would be risk of tipping off other suspects involved in the case, and computer evidence and investigative leads from the telecommunications devices may be destroyed.

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District Judge Brenda Tan granted the request for remand.

Ng’s lawyer Johannes Hadi said intensive investigations have been ongoing, and that his client had attended an interview with the Commercial Affairs Department on Jan 29, 2024.

Ng will be back in the State Courts on Feb 7.

Additional reporting by Wong Shi Ying