Lamborghini cars, a Chopard diamond ring, and prime real estate are among the extravagant items bought by a Singaporean businessman who is on trial for allegedly defrauding SGD 1.5 billion (US$1.1 billion).
Ng Yu Zhi, 37, is facing 42 charges for allegedly convincing more than 900 investors to invest SGD1.5 billion (US$1.1 billion) in a non-existent nickel trading opportunity, the High Court of Singapore has heard.
After pocketing one-third of the proceeds for his personal use in one of the biggest financial frauds in the country-state, Zhi is said to have spent money on a number of high-end assets, according to The Straits Times.
He threw SGD21 million on around 20 luxury cars between 2019 and 2021, including a SGD7.1 million Pagani Huayra Coupe, and a SGD2.1 million Rolls-Royce Phantom.
He also spent SGD1.9 million on two Lamborghini cars.
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Two Lamborghini Aventador SV J cars. Photo courtesy of Lamborghini |
A Porsche 911 GT3 and a Mercedes-Benz S63 were also found in his collection. Zhi also spent SGD20 million on four properties in 2020, all located in prime areas in Singapore.
He paid SGD8 million for an estate in Coldstream Avenue, and SGD5.6 million for a property in Emerald Hill Road.
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A Chopard Precious Lace Mini-Frou-Frou diamond ring. Photo courtesy of Chopard |
Zhi bought almost SGD5 million worth of artwork, and spent SGD18 million on jewelry and watches.
He paid SGD4.4 million for two necklaces, two rings and a watch from Bulgari.
He spent SGD3.5 million on a Chopard diamond ring, and SGD2.5 million on a promise ring from Graff Diamonds.
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Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. Photo by Reuters |
While prosecutors have said that Zhi’s profitable physical nickel trading business was “pure fiction,” he has pleaded not guilty.
In a recent report by Singapore police, the number of scams in the country surged more than 16% year-on-year to 26,587 in the first half. Over SGD385.6 million in losses were reported.
