Rich Investors are Shocked by Singapore’s Biggest Investment Fraud.

[ASEAN NOW News]

Ng Yu Zhi the owner of the Singapore based Envy Group has been making headlines across Asia, as he is behind Singapore’s biggest investment fraud.

 

Ng Yu Zhi the owner of the Singapore based Envy Group

 

Apparently, Ng Yu Zhi, 34, was responsible for outflows of S$475 million ($352 million) from his Envy Group of companies, according to a report by court-appointed judicial managers for the firms.

 

 Allegedly it is said that he pocketed more than half of the net fund’s investors poured into his company, leading a jet set life of private jets, nightclubs, and massive cash gifts.

 

The judicial managers’ report was distributed to investors and shown to the media. It confirmed that the net inflows of S$841.5 million from investors, and that the tracing of additional possible fund flows is still ongoing.

 

Like a Walter Mitty style character in the movies, the report stated that Ng spent about S$2 million a month to fund his lifestyle, which included a butler and chauffeur, plus expenditure on alcohol, hotel rooms, eating out at fine dining restaurants.

 

 

He also made significant monetary gifts to close associates, as well.

 

Ng’s companies are now run by a team of interim judicial managers led by Bob Yap of KPMG LLP, who have suggested to the court that Envy be liquidated.

 

They declined to comment on the report. Ng’s lawyers at Davinder Singh Chambers LLC also declined a request for comment.

 

The alleged scam has rattled the moneyed classes in one of Asia’s wealthiest nations as the list of victims grows to include high-profile professionals from the city’s asset management and legal industries.

 

Ng is facing 32 charges and has been accused of cheating and of criminal breach of trust by misappropriating at least S$201 million.

 

The report is the second one from the interim judicial managers, after the first one was distributed in May.

[Excel]

Well looks like he is another one who enjoyed himself for a while due to the absolute greed of those investors with money wanting even more money. Karma all round in my book.