A car dealer in Singapore testified on Friday ( Apr 11 ) during the trial of Ng Yu Zhi, revealing that the alleged fraudster spent more than S$ 8 million ( US$ 6 million ) on premium vehicles and special vehicle registration plates over the course of seven months.
This is only a tiny portion of the money Ng reportedly spent on automobiles. He apparently spent more than S$ 21 million on vehicles between December 2019 and February 2021, according to court records.  ,
Ng is accused of defrauding 947 investors totaling nearly S$ 1.5 billion in a rumored case involving a billion-dollar copper investment fraud.
More than S$ 481 million was reportedly funneled from this sum to his personal bank accounts and used to support a lavish lifestyle.  ,
Through his businesses, Envy Global Trading and Envy Asset Management, he allegedly offered shareholders profits from the alleged purchase of natural copper from 2016 to 2021.
Michael Ho, the chairman of F1 Autos and F1 Auto Cars, took the stand on Friday, with the trial asking him how he came to know Ng.  ,
Mr. Ho claimed that during lunchtime, he and Ng were first introduced to one another in 2018 or 2019.  ,
He explained to the judge that Ng had typically issue orders for cars via the phone, face-to-face, or information.  ,
When Deputy Public Prosecutor Chan Yi Chen inquired about meeting Ng outside of his car-related company contacts, Mr. Ho responded,” Yes, we were friends. I assume we are close associates.
Mr. Ho continued that he had never taken any money out of Ng’s alleged copper plan, but that he had also invested S$ 200, 000 in it.  ,
Judicial Commissioner Christopher Tan stepped in to question whether it was pertinent when the prosecutor asked Mr. Ho to provide more information about each of the trucks Ng had purchased from him between June 2020 and January 2021.  ,
Mr. Chan remarked that it was because it would illustrate the attitude and car Ng had led.  ,
These are the vehicles Ng purchased from him, according to the information that Mr. Ho provided:  ,
- A matte-gray two-door sports car called the Mercedes-Benz AMG GT ( S$ 550, 000 )
- Bentley GTC White, a white convertible ( S$ 800, 000 )
- BMW M8, a black saloon car ( S$ 649, 000 )
- Aston Martin Rapide, a black saloon car, and a Ferrari 575 ( S$ 600, 000 )
- A white” top of the range” Rolls-Royce Phantom EWB with extra leg room ( S$ 1.8 million ) is the Rolls-Royce Phantom EWB.
- Mercedes-Benz G350D, a green sport utility vehicle ( S$ 460, 000 )
- A purple” top of the range Rolls-Royce” car called the Rolls-Royce Phantom EWB V12 Auto ( S$ 2.1 million ) is available.
The possession of a Ferrari 575 was no transferred to Ng, according to Mr. Ho’s conditional speech. He refused to surrender the car because he wanted F1 Trucks to repair it before he could get possession of it.  ,
According to Mr. Ho’s conditional statement, Ng did not contact the company to request that the repairs been completed so that he did not arrange for the rights to be transferred to him.  ,
According to Mr. Ho, Qian Yi Jun, Wang Ruoxuan, Tay Liting, Cai Meizhen, and Cheong Ming Feng were the beneficiaries of Ng’s plan to transfer possession of six of the vehicles to others.
Mr. Ho claimed that he thought Ms. Qian, Ms. Wang, and Ms. Tay were Ng’s wives while Ms. Cai was Ng’s family when Mr. Chan inquired about how these individuals were related to him. He claimed that he had no idea who Mr. Cheong was.  ,
Ng even purchased two unique vehicle registration plates,” S11T” and “ES11J,” from Mr. Ho’s company for S$ 1.05 million and S$ 91, 000, both.  ,
Mr. Ho said he thought the vehicle registration plate numbers” S1 to S10″ are typically reserved for government officials, suggesting that the vehicle registration numbers Ng purchased were the first” civilian” plates.  ,
Mr. Ho claims that Ng paid for the vehicles and the car membership plates using bank checks and bank transfers.  ,
Nichol Yeo, the defense’s attorney, questioned Mr. Ho about the defense’s cross-examination, asking if he knew that Envy Motors even traded in car license plates.  ,
Mr. Ho claimed that he was conscious of the ownership of Ng but that he was unaware that his business had traded in license sheets.  ,
When questioned if Mr. Ho had ever paid for the vehicles ‘ license plates or other amounts of money, he replied,” No.”
NG’S TRIAL ,
Lawyers are bringing 42 counts against Ng in his test at the High Court, which started in November of last year.  ,
These include 15 counts of fraud, 14 works of handling gains from legal do, 10 counts of lying, two counts of defrauding, and one count of unlawful breach of trust.
In addition to the additional 50 trial days that have been scheduled, the trial has recently stated that it will provide evidence from 58 witnesses.
Veronica Shim, a former CEO of Envysion Wealth Management, Lau Lee Sheng, a previous Envy executive chairman, and Dr. Finian Tan, a venture capitalist, have all so far testified in court.
On April 15, Ng’s test will move forward, with more auto dealers scheduled to testify.  ,