David Yong, 37, S’porean CEO in Netflix show, charged for alleged falsification of accounts
His companies are also being investigated for misuse of investor funds.
By
Daniel Seow
August 03, 2024, 02:01 PM
Singaporean businessman and lawyer David Yong, who previously starred in Netflix reality series "Super Rich in Korea", has been charged in court on Aug. 3 with abetting another person to falsify a company tax invoice.
Police also said in a statement on Aug. 3 that the commercial affairs department (CAD) is currently investigating the business activities of a group of companies collectively referred to as Evergreen Group Holdings for alleged fraud.
Yong, 37, is the CEO of Evergreen Group Holdings.
In the Netflix show, Yong had showcased his four-storey "villa" complete with 11 cars, and was shown alighting from a private jet while carrying a luxury Hermes bag.
He had also said that he was "Singapore's 1 per cent super rich".
Companies investigated for misuse of investor funds
Police said in the statement that various companies under Evergreen Group Holdings were raising funds through the issuance of promissory notes that promised an annual interest of 10 per cent.
These contain a written promise by one party to pay another party a definite sum of money.
Police began investigations into the matter following suspicions that investor monies were misused.
Police also said that these promissory notes may have been issued in contravention of the Securities and Futures Act.
As part of investigations, Yong and another 37-year-old man, who is also part of Evergreen Group Holdings’ management, were arrested on Aug. 1.
Charged in court for abetting falsification of accounts
Yong was charged in court on Aug. 3, Zaobao reported.
According to charge sheets, Yong was charged with abetting another person to falsify a company tax invoice around Dec. 16, 2021.
The invoice, dated Sep. 1, 2021, was for a purported bulk sales of household fittings and appliances.
Yong has been charged with the offence of falsification of accounts under Section 477A of the Penal Code, which carries an imprisonment term of up to 10 years, a fine, or both.
Top image from David Yong / Instagram
