The case has been purported to be Singapore's largest Ponzi scheme, amounting to $1.5 billion!
SINGAPORE: The High Court witnessed the commencement of a civil trial on July 30, where liquidators seek to reclaim millions from Ng Yu Zhi and three others involved in an alleged nickel trading scam.
They allege that Ng and his associates are responsible for the loss of $855 million, including $416.5 million and US$17.7 million transferred to Ng’s accounts under pretences. Ms Lee, who represented herself in court, maintained her innocence, stating that she acted in good faith and was unaware of fraud. Mr Ju and Mr Cheong also claimed they were following Ng’s instructions, with Mr Cheong’s lawyer emphasizing his client’s limited role in the scheme.
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