The businessman allegedly behind Singapore’s biggest investment fraud is said to have pocketed more than half of the net funds investors poured into his company as a document pointed to lavish spending on private jets, nightclubs and cash gifts.

Ng Yu Zhi, 34, was responsible for outflows of $475 million from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms. The report was distributed to investors and seen by Bloomberg News. That compared with confirmed net inflows of $841.5 million from investors, the report said, adding the tracing of fund flows is ongoing.

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