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Ng Yu Zhi gets new charges, number of alleged victims reaches 300

Bloomberg
Bloomberg5/18/2021 8:24 AM GMT+08  • 2 min read
Ng Yu Zhi gets new charges, number of alleged victims reaches 300
Standard Chartered's former global head of commodities is among the new purported victims.
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Ng Yu Zhi, the Singapore businessman charged for allegedly raising funds from investors for nickel trades that didn’t exist, faces additional charges of cheating seven individuals and firms, taking the number of purported victims to about 300.

Arun Murthy, former global head of commodities at Standard Chartered, is among those named in the new charge sheets, seen by Bloomberg News. Singapore-based Murthy, who retired from the lender in 2016, was deceived -- along with others -- into investing in metal trade related to contracts that did not exist, according to the documents.

Ng cheated Murthy on no less than four occasions between October 2020 and January 2021 by convincing him to invest $949,984.25 in the false nickel scheme, according to one of the charges. Murthy declined to comment when reached by phone.

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