(Bloomberg) — A Singaporean businessman accused of masterminding a massive nickel trading scam was handed additional criminal charges tied to about $124 million in assets ranging from luxury cars to jewelry and artwork.
The additions brought the total number of accusations against Ng Yu Zhi to 75, according to charge sheets seen by Bloomberg News after a Singapore State Courts hearing Monday. The offenses allegedly took place between 2020 and February 2021, the documents show.
Hundreds of investors, from businessmen and top legal professionals to financiers and footballers, put their money into the alleged $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted average quarterly gains of 15%.
The fresh charges primarily accuse Ng of benefiting from criminal conduct and shuffling money from various bank accounts to his own pocket. He acquired properties including a Ferrari 488 Pista Spider, Bulgari necklaces and rings, and works by artists including Cheong Soo Pieng, according to the documents.
Previous accusations were mostly connected to fraud and cheating investors.
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