Singapore Largest Scam S$1 Billion

A businessman charged on Monday (March 22) has been linked to an alleged fraud involving at least $1 billion, the largest in Singapore's history. Ng Yu Zhi, 33, is the director of two firms and said to have raised the money from investors, purportedly to finance nickel trading.

The alleged victims were promised varying returns averaging 15 per cent over three months. But the nickel trades never took place and the investors are still owed the money. Ng, the director of Envy Asset Management (EAM) and Envy Global Trading, was charged with two counts of cheating and two of being a party to fraudulent trading involving about $48 million.