Private Banker Testifies in Court, Describes the Tragic Impact of the Scam on Victims
Veronica Shim Wai Han, a former private banker and ex-chief executive of Envysion Wealth Management (EWM), testified on Nov 28, 2024, during the criminal trial of Ng Yu Zhi, the alleged mastermind behind the S$1.5 billion nickel trading Ponzi scheme. Shim broke down in court as she described the immense psychological toll the scam had on its victims, revealing that at least two investors “died directly or indirectly because of pressure from this case.”
Ng, 37, is facing 42 charges including fraudulent trading, money laundering, and cheating. His Ponzi scheme deceived 947 investors with false promises of high returns from nickel trading. Prosecutors argue that the scheme, which drew investors into contributing almost S$1.5 billion, was based on lies, with over S$481 million funneled into Ng’s personal accounts to fund his lavish lifestyle.
Shim testified that her company, EWM, was swindled into transferring S$47.3 million to Envy Global Trading (EGT) between September 2020 and January 2021. Shim herself lost S$955,115 during the same period. She described the emotional pain that followed, including feelings of guilt and embarrassment, and the ongoing stigma from others who labeled her and other victims as “stupid.”
As one of the first prosecution witnesses, Shim’s testimony highlights the far-reaching consequences of Ng’s fraudulent activities, which have affected not only financial security but also the mental well-being of countless individuals involved in the scam.
