SINGAPORE: The founder of commodity firm Agritrade has been arrested and charged in court after more than five years on the run, the police said on Tuesday (Dec 2).
Ng Say Peck, 72, is the second person from Agritrade to be charged over a cheating case that involved multiple banks and financial institutions worldwide.
The company's former chief financial officer Lulu Lim Beng Kim was sentenced to 20 years in jail in 2023 for her role in the case.
Police investigations into Ng and other individuals for trade financing fraud began in January 2020. Agritrade, which traded in coal and palm oil, was at the centre of the investigations.
The police said that between January and August 2020, they received multiple reports lodged by various entities, including banks and finance companies that had extended credit facilities to Agritrade for the purposes of trade financing.
Ng, who had left Singapore shortly before the police began their investigations, was arrested upon his arrival in Singapore on Monday after being deported from China.
His deportation was conducted with the cooperation and assistance of China's Ministry of Public Security, the police said.
Ng had a warrant of arrest and an Interpol red notice issued against him.
He was charged with 10 counts of cheating, and is accused of cheating Funding Societies, a digital financing platform.
Funding Societies reportedly entered into a credit facility arrangement with Agritrade after being shown finance invoices that were allegedly assigned to Agritrade.
These finance invoices were later discovered to be fictitious. Funding Societies was deceived into disbursing a total of US$8 million over 10 transactions to Agritrade between August and November 2019.
According to the Accounting and Corporate Regulatory Authority's Bizfile portal, Agritrade is currently in insolvency.
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Ng Say Peck, 72, is the second person from Agritrade to be charged over a cheating case that involved multiple banks and financial institutions worldwide.
The company's former chief financial officer Lulu Lim Beng Kim was sentenced to 20 years in jail in 2023 for her role in the case.
Police investigations into Ng and other individuals for trade financing fraud began in January 2020. Agritrade, which traded in coal and palm oil, was at the centre of the investigations.
The police said that between January and August 2020, they received multiple reports lodged by various entities, including banks and finance companies that had extended credit facilities to Agritrade for the purposes of trade financing.
NG'S ARREST
Ng, who had left Singapore shortly before the police began their investigations, was arrested upon his arrival in Singapore on Monday after being deported from China.
His deportation was conducted with the cooperation and assistance of China's Ministry of Public Security, the police said.
Ng had a warrant of arrest and an Interpol red notice issued against him.
He was charged with 10 counts of cheating, and is accused of cheating Funding Societies, a digital financing platform.
Funding Societies reportedly entered into a credit facility arrangement with Agritrade after being shown finance invoices that were allegedly assigned to Agritrade.
These finance invoices were later discovered to be fictitious. Funding Societies was deceived into disbursing a total of US$8 million over 10 transactions to Agritrade between August and November 2019.
According to the Accounting and Corporate Regulatory Authority's Bizfile portal, Agritrade is currently in insolvency.
Continue reading...