Envy Asset Management director Ng Yu Zhi is facing five more charges over his link to an alleged fraud involving more than S$1bn ($740m) which is believed to be the largest in the sovereign island city state's history.

Ng Yu Zhi had previously been charged with two counts of cheating and two of being a party to fraudulent trading involving about S$48m.

He was charged on Tuesday (April 20) with five additional counts of cheating connected to the alleged fraud, Singapore's Straits Times has reported.

Ng, who is director of both Envy Asset Management and Envy Global Trading, is said to have raised the money from investors, purportedly to finance nickel trading.

The alleged victims were promised varying returns averaging 15% over three months.

Of the S$1bn invested in the companies between October 2017 and February this year, about $300m was allegedly transferred to Ng's personal account, the court had earlier heard.

The Commercial Affairs Department has seized about S$100m of assets from him.

Neither of Ng's firms is licensed by the Monetary Authority of Singapore.

The MAS stated on March 22 that it had been informed that Envy Asset Management claimed it was in the process of applying for a licence, even though no application had been submitted.

Envy Asset Management had been on its investor alert list since March last year.

Ng is currently on bail of S$1.5m.

His case is expected to be heard again on May 17.

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