David Yong Released 12 Days After Fraud Charges
"Only Cash 120 Billion Won" Boasts While Appearing on Entertainment Program
David Yong (37, real name Yong Kunglin), who claimed to be among the top 1% wealthy in Singapore and appeared on various entertainment programs in South Korea, was released on bail of approximately 1 billion KRW just 12 days after being indicted on fraud charges in Singapore.
On the 15th, Hong Kong's South China Morning Post (SCMP) reported that Yong was released after posting bail of USD 759,000 (about 1 billion KRW). Yong had been in custody since the 3rd, but the court approved his release on bail of 1 million Singapore dollars, along with conditions including wearing an electronic tag, a curfew from 10 p.m. to 6 a.m., and weekly meetings with investigators.
David Yong, who was indicted on fraud charges, was released on bail after paying 1 billion KRW. [Image source=KBS Joy 'Ask Me Anything' broadcast screen]
David Yong, a Singaporean national, graduated from the University of Bristol in the UK and worked as a lawyer before founding Evergreen Group Holdings. On the 4th, Singapore media BizNewsTimes reported that Yong was indicted on the 3rd on charges of account forgery related to promissory note transactions. The media reported that Yong is accused of fraud for allegedly forging documents of Evergreen GH, a subsidiary of Evergreen Group Holdings, to deceive others.
Singapore prosecutors believe that Yong instructed the forgery of tax invoices in December 2021 to make it appear as if large quantities of household goods and home appliances were sold. It was also revealed that several companies under Evergreen Group Holdings were raising funds by issuing promissory notes promising annual interest rates in the double digits. Prosecutors explained that the issuance of promissory notes might violate the Securities and Futures Act. If found guilty, Yong could face fines, imprisonment of up to 10 years, or both. Additionally, it was reported that Yong’s company was placed on the Monetary Authority of Singapore’s investor alert list in January last year. Singapore authorities stated that the company was listed to warn that it did not have the necessary qualifications or licenses to provide financial services.
David Yong gained public attention by appearing on the KBS joy entertainment program "Ask Me Anything" aired in August last year. At that time, he revealed that he held cash assets worth about 120 billion KRW, attracting public interest with the title "Singapore Tycoon." Later, Yong appeared on Channel A’s "Oh Eun-young’s Golden Counseling Center," where he shared his concern that "because I am rich, I have no 'true friends'." In the Netflix original six-part series "Super Rich Foreigners," released in May, he showcased his wealth by residing in Signiel Jamsil and owning several supercars, including a Ferrari.
Yong’s next trial is scheduled for the 27th of next month.
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