Singapore’s Wealthy Elite Duped by Billionaire’s Ponzi Scheme

Arrest of Billionaire Businessman Ng

SINGAPORE - In a shocking expose, authorities have arrested billionaire businessman Ng for masterminding a massive Ponzi scheme that swindled millions from unsuspecting investors. The 47-year-old entrepreneur, known for his lavish lifestyle and close ties to Singapore’s wealthy elite, was taken into custody on February 16, 2021.

The Scam: “Envy”

According to sources familiar with the matter, Ng was detained by police after being accused of channeling S$300 million of investor funds into his own accounts. The scam, dubbed “Envy,” involved convincing investors that their money was being used to trade in nickel, a valuable commodity.

Investigation Reveals Irregularities

However, an investigation by KPMG accountants and the Monetary Authority of Singapore (MAS) revealed that Envy had almost never purchased any nickel, and returns were instead drawn from new clients’ deposits. The scheme, which spanned several months, ultimately defrauded investors of hundreds of millions of dollars.

Ng’s Downfall

Ng’s downfall was swift and dramatic. After his release from custody, he claimed that his detention was merely a “misunderstanding” that would result in little more than a slap on the wrist. However, just one month later, prosecutors filed criminal charges against him, accusing him of fraud.

Assets Seized, Trial Pending

Ng’s assets, including his mansion on Orchard Road, have been seized by authorities as part of the investigation. He is currently awaiting trial in a serviced apartment, having posted S$4 million bail - one of the largest in Singapore’s history.

Consequences for Singapore’s Financial Community

The Envy scandal has sent shockwaves through Singapore’s financial community, with many investors left reeling after losing substantial sums of money. The case will likely have far-reaching consequences for the country’s regulatory framework, with authorities vowing to tighten rules and improve detection mechanisms to prevent similar frauds in the future.

A Lesson Learned

As one lawyer noted, “Ng made a very good show of living a lifestyle that everybody aspired to.” But behind the façade of wealth and success, he was secretly engineering a massive Ponzi scheme that would ultimately bring him down.