News Formal

Businessman Ng Yu Zhi Spent Over S$21M on Luxury Cars Amid Nickel Investment Scam

  • 📰 staronline
  • ⏱ Reading Time:
  • 19 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 75%

Business Crime News

Nickel Investment Scam,Luxury Cars,Ng Yu Zhi

Ng Yu Zhi, accused of leading a S$1.46 billion nickel investment scam, has spent more than S$21 million on approximately 20 luxury vehicles. The businessman faces 42 charges of cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust.

Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam, spent more than S$21 million on about 20 luxury cars between Dec 2019 and Feb 2021. - Photo: Lianhe Zaobao file

The 37-year-old is currently on trial for 42 charges for cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down. Ng has also been accused of misappropriating money from his company, and spending his ill-gotten gains on expensive works of art, property, cars, and jewellery.Luxury cars

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Businessman loses RM800,000 to investment scamBATU PAHAT: A businessman lost RM800,000 after becoming a victim of a fraudulent investment scheme for supplying food to schools. Batu Pahat district ...
Source: theSundaily - 🏆 25. / 51 Read more »