By Loraine Lee
SINGAPORE — Nelson Loh Ne-Loon, the co-founder of Novena Global Healthcare Group (NGHG), has been sentenced to 15 years and nine months’ imprisonment after pleading guilty to nine charges, including cheating, money laundering, and forgery. Loh, 45, and his employee, Michael Wong Soon Yuh, had forged financial statements to deceive six Singaporean banks into approving loans worth approximately S$69 million, of which S$51 million remains unrecovered.
Loh and Wong’s fraudulent activities were uncovered when they fled Singapore in September 2020, days before the authorities received reports about the scam. The duo took a private chartered flight to China, where they were arrested in November 2022 and subsequently repatriated to Singapore to face charges.
The fraud involved the creation of false documents to secure loans for three companies connected to Loh, causing significant financial loss. Loh was charged with four counts of cheating, three for money laundering, and two for forgery, with additional charges taken into consideration during his sentencing. Wong, who worked alongside Loh, was sentenced to eight years and six months’ imprisonment for his role in the crime.
During sentencing, Deputy Principal District Judge Luke Tan emphasized the seriousness of the crime, stating that the fraudulent activities not only resulted in direct financial losses to the banks but also eroded public confidence in financial institutions, leading to increased compliance costs for the community at large.