Agritrade founder nabbed after 5-year hunt, charged with cheating digital lender

SINGAPORE: Ng Say Peck, the 72-year-old founder and former director of Agritrade International, has finally been brought to justice after five years on the run. Arrested on Monday (Dec 1), Ng faced court the next day, charged with 10 counts of cheating.

According to police, Ng allegedly misled the digital financing platform Funding Societies back in 2019. He had entered into a credit facility arrangement that appeared legitimate on paper, prompting the platform to issue finance invoices to Agritrade International. Between August and November of that year, more than $8 million was transferred to the company over 10 separate transactions—funds that were later discovered to have been based on fictitious invoices.

The Commercial Affairs Department (CAD) began investigating Agritrade International for trade financing fraud in January 2020 after multiple banks and finance companies reported suspicious activity. By that time, Ng had already departed from Singapore and has eluded law enforcement authorities.

An arrest warrant and an Interpol red notice were issued, and with the cooperation of Chinese authorities, Ng was eventually deported back to Singapore, where he was immediately taken into custody.

Ng is the second executive from Agritrade International to be charged. Former chief financial officer Lim Beng Kim was convicted of 11 counts of cheating and sentenced to 20 years in prison earlier this year.

The case highlights how complex corporate fraud can unfold over years, leaving a trail that eventually catches up with those involved—no matter how far they run.