Singaporean Businessman Faces Trial Over S$1.5 Billion Nickel Investment Fraud

Ng Yu Zhi is accused of masterminding a Ponzi scheme involving fake nickel trades, defrauding investors and funding a lavish lifestyle.

Ng Yu Zhi, 37, allegedly ran a fraudulent S$1.5 billion nickel investment scheme through his companies Envy Global Trading and Envy Asset Management between 2016 and 2021.
Prosecutors claim Ng deceived investors with fake agreements and forged documents, offering returns from non-existent nickel trades in a Ponzi-style operation.
Ng is accused of laundering S$305 million, using proceeds to fund extravagant purchases including luxury cars, properties, and art.
The trial involves 42 charges, including forgery, money laundering, cheating, fraudulent trading, and criminal breach of trust, with 66 additional charges stood down for now.
The case, described as one of Singapore's largest investment frauds, highlights concerns about financial governance in the city-state.