Prosecution Alleges Forged Documents to Support Fraudulent Scheme
The nickel investment scheme of businessman Ng Yu Zhi was a “pure fiction”, according to the prosecution, which alleged that the scheme swindled 947 investors out of nearly S$1.5 billion. Ng, 37, is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust, and money laundering.
The prosecution claims that between February 2016 and March 2021, Ng’s companies, Envy Asset Management and Envy Global Trading, fabricated a story of buying nickel at a significant discount and selling it at market prices for profit. However, the companies never actually engaged in any physical nickel trading or even negotiated agreements with the Australian mine Poseidon Nickel, as claimed. Instead, the companies allegedly used funds from new investors to pay off earlier ones, leading to substantial losses when the scheme collapsed.
Deputy Public Prosecutor Gordon Oh emphasized that the documents presented by Ng were forged to create the illusion of legitimate trading activities. The trial, which is being heard in the High Court, continues as Ng faces serious charges related to the elaborate fraud.
