Businessman in billion-dollar nickel investment fraud case faces new cheating charges involving S$8 million Toggle share menu
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Businessman in billion-dollar nickel investment fraud case faces new cheating charges involving S$8 million
Ng Yu Zhi arriving at the State Courts on Apr 20, 2021. (Photo: TODAY/Ili Nadhirah Mansor)
20 Apr 2021 05:50PM) Share this content
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SINGAPORE: The director of two companies at the centre of massive investment fraud allegations related to the sale and purchase of nickel was charged on Tuesday (Apr 20) with five more counts of cheating involving at least S$8 million.
Ng Yu Zhi ran Envy Asset Management and Envy Global Trading, allegedly raising money from investors to purchase nickel from Poseidon Nickel Limited and tricking the investors to buy in to a portion of receivables from Envy Global Trading s sale of nickel through forward contracts.
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A Singapore trader has been charged with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist (file photo).
At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: his lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore s moneyed classes, Ng was charged last month with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist.
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At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million.
Local prosecutors allege Mr Ng also had a dark secret: His lavish lifestyle, they say, was built on lies.
In a case that has riveted Singapore’s moneyed-classes, Mr Ng was charged last month with four counts of fraud for allegedly raising at least S$1 billion ($740m) from investors for commodity trades that didn’t exist.
The police have called it one of the city-state’s largest-ever suspected investment fraud schemes. It’s also the latest in a series of scandals in the financial and commodities-trading hub, where assets under management have swelled to S$4 trillion thanks largely to inflows from overseas.