Singapore businessman tried for $1.1B investment scam, spent proceeds on Porsche, Rolls-Royce cars

Ng Yu Zhi, 37, was the mastermind behind a scheme between 2016 and 2021, in which he convinced investors to put down money on a nickel trading investment opportunity which never took place, prosecutors told the High Court Wednesday, as reported by The Straits Times.

The scam is one of the country’s largest ever investment frauds, according to Singapore police.

Ng Yu Zhi, a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. Photo by Reuters

Zhi forged documents to fool his victims that he has secured a deal with a major Australian mine to buy nickel at discount, prosecutors said.

But in reality no such partnership was formed, and Zhi only used money from subsequent investors to pay earlier investors, they added.

Among the victims were high-profile figures in the city-state, including wealth fund managers.

Zhi allegedly spent around SGD481 million, or one-third of the misappropriated funds, to pay for his lavish lifestyle.

He spent SGD20 million on four properties, SGD5 million on artworks, and bought a number of luxury cars including Porsche 911 GT3, Rolls-Royce Phantom, Lamborghini Aventador SV J, and an Aston Martin Rapide, prosecutors said.

A pink Rolls-Royce. Photo from Instagram

"The prosecution will show that this pretty picture of a profitable physical nickel trading business was but pure fiction."

Zhi is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust and money laundering, according to The Business Times.

He has pleaded not guilty.

In a recent report by Singapore police, the number of scams in the country surged more than 16% year-on-year to 26,587 in the first half. Over SGD385.6 million in losses were reported.