Ng spent about $2 million a month to fund his lifestyle, which included the services of a butler and chauffeur, and expenditure on alcohol, hotel rooms and at fine dining restaurants, the report showed. He made “significant monetary gifts to close associates,” it said.
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.
