A former accountant in Singapore is currently on trial for allegedly orchestrating a fraudulent scheme that involved raising funds for non-existent trades. The scheme is said to have deceived hundreds of clients, including prominent figures in the city-state.
The accused individual, Ng Yu Zhi, is facing over 100 charges related to the scam, which is estimated to involve $1.1 billion. Prosecutors claim that Ng's Envy Group enticed investors with promises of high returns from nickel trading, boasting impressive average quarterly gains of 15%. The case has raised concerns about investment fraud and regulatory oversight in Singapore's financial landscape.