Ng Yu Zhi ponzi scheme exposed

Ng Yu Zhi was charged in March 2021 in connection with a multi-million dollar investment scheme involving his companies, Envy Asset Management and Envy Global Trading.
As of May 8, 2025, his trial is ongoing in the High Court. He is contesting 42 charges out of a total of 108 charges. These 42 charges include:
 * 10 counts of cheating
 * 15 counts of forgery
 * 1 count of criminal breach of trust as a director
 * 14 counts of money laundering
 * 2 counts of fraudulent trading
Ng has been in remand since January 31, 2024, after his bail was revoked.
During the trial in April 2025, witnesses testified about Ng's lavish lifestyle, including spending millions on luxury cars and a diamond ring, allegedly funded by the investment scheme. A liquidator testified that the purported nickel trading business did not exist and that Ng's business operated like a Ponzi scheme.

Comments

Post a Comment

Popular posts from this blog

The mouse, chicken, pig and cow

A mouse looked through the crack in the wall to see the farmer and his wife open a package.   "What food might this contain?"  The mouse wondered. He was devastated to discover it was a mousetrap. Retreating to the farmyard, the mouse proclaimed this warning: "There is a mousetrap in the house! There is a mousetrap in the house!" The chicken clucked and scratched, raised her head and said, "Mr. Mouse, I can tell this is a grave concern to you, but it is of no consequence to me.  I cannot be bothered by it."   The mouse turned to the pig and told him, "There is a mousetrap in the house! There is a mousetrap in the house!" The pig sympathized, but said, "I am so very sorry, Mr. Mouse, but there is nothing I can do about it but pray. Be assured you are in my prayers." The mouse turned to the cow and said, "There is a mousetrap in the house! There is a mousetrap in the house!"           ...
Read more

European supplier of Toyota auto parts, victim to a (BEC) scam, resulting in $37 million loss.

In 2019, Toyota Boshoku Corporation, a major European supplier of Toyota auto parts, fell victim to a Business Email Compromise (BEC) scam, resulting in a loss of approximately $37 million (¥4 billion). Cybercriminals impersonated a business partner of the Toyota subsidiary via email. They successfully manipulated an employee in the finance department to change bank account details and transfer funds to an account controlled by the scammers. The fraudulent transfer occurred on August 14, 2019. Toyota Boshoku became aware of the fraudulent activity shortly after it happened and promptly launched an investigation involving legal professionals. They also reported the incident to the local investigating authorities and have been cooperating fully in the ongoing efforts to recover the stolen funds. BEC scams like this rely on social engineering tactics rather than technical hacking. The perpetrators often impersonate trusted entities, such as executives or business partners, to deceive empl...
Read more