SINGAPORE — The High Court is currently hearing the case against 37-year-old businessman Ng Yu Zhi, who allegedly orchestrated a fraudulent investment scheme involving a whopping S$1.46 billion. Prosecutors have described Ng as the mastermind behind this elaborate scam, which deceived around 947 investors into believing they were buying discounted nickel from an Australian mine.
The Scheme Unveiled
Deputy Public Prosecutor Gordon Oh laid out the prosecution’s argument, stating that Ng’s operations through Envy Asset Management and Envy Global Trading from February 2016 to March 2021 were fundamentally fraudulent. There were no actual trades involving nickel; rather, funds from new investors were misleadingly used to pay earlier investors, reminiscent of a classic Ponzi scheme.
- Claimed to purchase nickel at discounts.
- Used forged documents as proof of legitimacy.
- Deposited over S$481 million into personal accounts.
Lavish Lifestyle
According to the prosecution, Ng indulged extravagantly on the funds he siphoned off, spending massive amounts on luxury cars, art, and real estate. His purchases included:
- A S$1.8 million Pagani Huayra Coupe.
- Multiple properties worth over S$20 million.
- Artworks valued at millions.
Reputation in the Banking Sector
The first witness to testify, Shim Wai Han, former CEO of Envysion Wealth Management, revealed that she first met Ng in 2018. At that time, Ng explained a supposed opportunity he discovered while working as an auditor. He claimed Poseidon Nickel had excess inventory due to a halted agreement with BHP Billiton.
Shim described how Ng lured her into investing, presenting a seemingly credible business model with profit projections. However, alarm bells rang when Envy Asset Management appeared on the Monetary Authority of Singapore’s investor alert list in 2020. Such events accentuated the dubious nature of Ng’s operations.
Legal Proceedings
Ng now faces a staggering 108 charges, including cheating, forgery, money laundering, and criminal breach of trust. Currently, the prosecution is focusing on 42 of these charges in a trial expected to span over 50 days, during which 58 witnesses will testify — including representatives from the involved companies and financial institutions.
The trial continues as the court scrutinises the allegations against Ng, clarifying how such a large-scale deception was orchestrated without detection for so long.