A Singaporean accused of penetrating a $1.1 billion nickel trading scam has gone to trial to face 42 charges.
Ng Yu Zhi went on trial to face charges related to an alleged nickel trading scam, according to a «Straits Times» report citing legal proceedings. He is being accused of deceiving investors into putting a total of S$1.46 billion ($1.1 billion) to finance physical nickel trading deals that never occurred via his companies, Envy Asset Management and Envy Global Trading.
He faces 42 charges, including two counts of fraudulent trading, 10 counts of cheating, 15 counts of forgery, one count of criminal breach of trust, and 14 counts of money laundering.
High Gains Promised
The investors in the scheme, which was carried out between 2020 and 2021, were purportedly promised quarterly returns of about 15 percent. One alleged victim includes Vickers Venture Partners founder Finian Tan who accused the 37-year old Ng of cheating him of $19.2 million between October 2020 and January 2021.
Local police have referred to the scheme as one of Singapore’s largest investment frauds ever.
The trial began on November 26 and will take place over more than 50 days.
