Singapore Director Is Liable for $654 million After Ponzi Scheme

(Bloomberg) -Isolvent Jealousy company’s two former ruler, nickel trade scam and Singapore’s largest ponzi plan has been responsible for investors of $ 654 million.

According to a court decision published on Tuesday, Lee Si, a former director and shareholder, is responsible for the entire amount of $ 593 million ($ 461 million), $ 192.2 million and $ 880,000 ($ 1 million). Ju Xiao, another former former director and trade president, is responsible up to 40% of the total amount.

NG Yu Zhi, who was the “visible hero and brain of the entire ponzi plan, which holds at least 80% to 90% of jealousy companies, was not part of the trials because he was already bankrupt.

The arrest of 38 -year -old NG, 2021, has become a public demonstration in Singapore among reports on generous spending after collecting almost $ 1.5 billion from hundreds of customers, including high -profile lawyers. It was claimed that the former accountant spent hundreds of millions to finance the humorous lifestyle, to buy mansions, fast cars and senior jewels.

The judicial commissioner Mohamed Faiz said, “The result was really shocking: the ordinary man on the street to the sophisticated investors seduced by attractive turns to the sophisticated investors, a billion dollar fraud on everyone,” he said.

Read: Singapore shocked billion dollar nickel wearing scandal

ENVY Global Trade, Jealousy Asset Management and Jealousy Management Holdings of the liquidation officers tried to save investors’ money. NG’s Envy group offered investments in nickel trade and an average of three months earnings earned 15%. The prosecution said that the plan was “pure fiction ..

According to the court, NG has been detained since January 31, 2024. Cheong Ming Feng, an administrative manager in Envy, is less than 1.9 million dollars of salary payments and contributions to the national pension fund.

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