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Ng Yu Zhi faces 18 new charges related to alleged nickel investment scam

Bloomberg10/25/2021 9:10 PM GMT+08  • 2 min read
Ng Yu Zhi faces 18 new charges related to alleged nickel investment scam
Two new alleged victims named: Nai Soon Tong and Ong Suat Kuan
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Singapore added 18 new charges against businessman Ng Yu Zhi, who’s accused of cheating investors in an alleged US$1.1 billion fraud, taking the number of accusations to 69.

Ng, who remains on bail, made false electronic recordings to deceive investors that Envy had entered into nickel trades with Australian miner Poseidon Nickel Ltd. and units of BNP Paribas SA, according to charge sheets seen by Bloomberg News on Monday.

Two of the new charges accuse Ng of deceiving Nai Soon Tong out of US$10 million. The charge sheets also mentioned another investor, Ong Suat Kuan, who was conned out of US$4.4 million.

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