Singapore police announced on Tuesday, December 2, that the founder of commodity trading firm Agritrade has been arrested and charged in court after more than five years on the run.
Ng Say Peck, 72, is the second person from Agritrade to face charges in a multi-million-dollar cheating case involving several banks and financial institutions worldwide. In 2023, the company's former chief financial officer, Lulu Lim Beng Kim, was sentenced to 20 years in jail for her role in the fraud.
Investigations into Ng and other individuals over trade financing fraud began in January 2020, focusing on Agritrade's dealings in coal and palm oil. Between January and August 2020, the police received multiple reports from banks and finance companies that had extended credit facilities to Agritrade for trade financing purposes.
Ng, who left Singapore shortly before the police launched their investigations, was arrested upon his arrival in Singapore on Monday following his deportation from China. The arrest was carried out with the assistance of China's Ministry of Public Security. At the time, Ng had an outstanding warrant of arrest and an Interpol red notice issued against him.
Ng has been charged with 10 counts of cheating, including allegations of defrauding Funding Societies, a digital financing platform. The company reportedly extended a credit facility to Agritrade after being shown finance invoices allegedly issued by the firm. These invoices were later revealed to be fictitious, leading Funding Societies to disburse a total of US$8 million across 10 transactions between August and November 2019.
According to Singapore's Accounting and Corporate Regulatory Authority (ACRA) Bizfile portal, Agritrade is currently in insolvency.
David Chew, director of the police's Commercial Affairs Department, told CNA, "The police will spare no effort, working within the ambit of our laws, to bring criminals hiding overseas to face justice in Singapore."
Chew noted that Singapore works closely with Interpol and international counterparts to track down and repatriate fugitives. He also expressed gratitude to China's Ministry of Public Security for its "strong support and assistance" in facilitating Ng's deportation back to Singapore.
Authorities reminded that anyone convicted of cheating in Singapore can face up to 10 years' imprisonment and a fine.
