A 33-year-old Singaporean Ng Yu Zhi was charged in court earlier today for cheating. Ng is alleged to have scammed investors via a nickel investment scheme with at least $1 billion in funds involved. He is also charged for cheating at least $48 million from a fund management company, Envysion Wealth Management

The alleged offences took place between Oct 2017 and Feb this year.

Ng, director of Envy Asset Management (EAM) and Envy Global Trading (EGT) was granted bail of $1.5 million, plus electronic tagging. The bail amount is believed to be the highest thus far since electric monitoring was introduced.

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