Billion-dollar nickel scam: More details of luxe car buys emerge as dealers take stand

Less than a year after he paid $490,000 for a Bentley Mulsanne, alleged fraudster Ng Yu Zhi traded in the luxury car for an Aston Martin Rapide he bought for a man who is believed to be a family member.

- Selina Lum

More details of Ng's lavish car purchases emerged on April 15 when two car dealers took the stand in his ongoing criminal trial in the High Court.

In total, he is said to have spent more than $21 million on about 20 luxury cars.

The 37-year-old is accused of masterminding a scam which attracted $1.46 billion from hundreds of investors who were told he could buy nickel at a discount and then sell the metal for profit.

The investment scheme was offered by his Envy group of companies between 2016 and 2021.

Ng has been remanded in custody since Jan 31, 2024.

On April 14, car dealer Michael Ho testified that Ng bought high-end cars, including two Rolls-Royce Phantom saloons, for his wife and three girlfriends.