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Billion-dollar trading fraud: Businessman Ng Yu Zhi goes on trial
The Straits Times
|November 27, 2024
Prosecution is proceeding on 42 out of 105 charges related to nickel trading scheme
Businessman Ng Yu Zhi, who is accused of perpetrating a billion-dollar fraudulent nickel investment scheme through his companies Envy Asset Management and Envy Global Trading, went on trial in the High Court on Nov 26.
The 37-year-old is alleged to have deceived investors, who include lawyers and financiers, into putting in a total of $1.46 billion to finance the trading of physical nickel, when such deals never took place.
The investors were purportedly promised returns of about 15 per cent over three months.
Ng was first charged in March 2021 with two counts each of fraudulent trading and cheating. New charges continued to be filed against him, up until February 2024.
He currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam.
The three other charges relate to his attempts in 2023 to sell a Bussorah Street shophouse, which he had allegedly bought with criminal proceeds.
These charges have not been transferred to the High Court.
Diese Geschichte stammt aus der November 27, 2024-Ausgabe von The Straits Times.
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