Singapore Charges 33-Year-Old in Alleged $750 Million Fraud (1)

Singapore has accused a 33-year-old businessman of fraud over his alleged involvement in cheating investors to put at least S$1 billion ($746 million) into nickel deals that never took place.

Singaporean Ng Yu Zhi was charged with four counts on Monday, a month after the police said they were investigating Envy Asset Management Pte and Envy Global Trading Pte., where Ng served as a director. Investors were promised varying returns, which averaged 15%, over a period of three months, and many rolled over their contracts to reinvest their principal and returns, according to court proceedings.

Ng Yu Zhi

Source: PR Newswire

Singapore, known as a ...