SINGAPORE – Alleged nickel trading scammer Ng Yu Zhi’s $4 million bail was raised to $6 million on Thursday after he was deemed a flight risk by the State Court.
This is a record amount according to some lawyers and underscores Ng’s role in one of Singapore’s biggest investment frauds.
Ng is accused of perpetrating a nickel trading scheme that allegedly cheated investors out of US$1.1 billion (S$1.45 billion).
Deputy Public Prosecutor Gordon Oh told the court on Thursday that the prospect of Ng facing a sentence that far exceeds 20 years and access to overseas assets of about US$107 million now held by various individuals in China translates to a potential increase of flight risk.
Ng, the founder of Envy Global Trading (EGT) and Envy Asset Management (EAM), who was made a bankrupt in December 2022, has been out on bail of $4 million.
He was arrested in February 2021 and first charged with cheating and fraudulent trading. He now faces 105 criminal charges, which were amended on Jan 17, for his alleged involvement in the scam.
About 1,000 investors, including business people, lawyers and financiers, sank their money into the scheme, which touted average quarterly gains of 15 per cent.
The bankruptcy order was made against Ng on Dec 22, 2022. This came after a bankruptcy application was taken out against Ng shortly after the High Court in May 2022 cleared the way for liquidators to pursue hundreds of millions of dollars allegedly transferred wrongfully into…
