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Ng Yu Zhi gets additional charges for forging bank documents

Bloomberg Published on Tue, Apr 27, 2021 / 8:51 AM GMT+8

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Singapore has brought charges of forging bank documents against a businessman who has already been accused of allegedly raising at least $1 billion from investors for commodity trades that didn’t exist.

Singaporean Ng Yu Zhi, 34, is charged with fraudulently making a false electronic record to show US$60 million ($79.53 million) had been transferred from Envy Asset Management Trading’s Citibank account to another account in February, according to a new charge sheet seen by Bloomberg News. The record was made with intent to commit fraud, it said.

He’s also charged with fraudulently making a false electronic record to show a combined balance of US$303 million in Envy Asset Management Trading’s Citibank accounts as of March, another charge sheet said. This brings total counts against him to 11. An email inquiry sent to Ng and Envy Group was unanswered.