Ng Yu Zhi, a 37-year-old former accountant, pleaded not guilty on Tuesday to 42 charges, including money laundering, in connection with a massive nickel trading scam that has shaken Singapore’s business community, Bloomberg reports.
Prosecutors allege that Ng orchestrated a $1.1 billion fraud through his Envy Group, attracting hundreds of investors – many of them high-profile figures – with promises of lucrative returns in nickel trading.
The scheme, operating between 2020 and 2021, allegedly involved soliciting investments for non-existent trades, boasting average quarterly gains of 15%. Singapore police have described it as one of the nation’s largest-ever investment frauds. Ng is accused of using the proceeds to fund a lavish lifestyle, including the purchase of a three-story villa in an upscale neighborhood and a multi-million-dollar Pagani sports car.
Ng, who initially faced over 100 charges, has been held in remand for more than nine months. A parallel civil trial commenced on July 30 in the Singapore High Court.
This case is the latest in a string of high-profile financial scandals to hit Singapore, raising concerns about governance within the city-state’s financial and commodities-trading sectors. Earlier this month, former oil tycoon Lim Oon Kuin received a 17.5-year prison sentence for defrauding HSBC and instigating forgery. In October, S. Iswaran, a former cabinet minister, became the first to be jailed in nearly 50 years after pleading guilty to obstruction of justice charges. These cases underscore Singapore’s ongoing efforts to address these issues and rebuild its reputation for robust regulatory oversight. Ng is represented by Legal Eagles, Nicholas & Tan Partnership LLP, Nine Yards Chambers LLC, and R. Ramason & Almenoar.
