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$1.46b nickel-trading scam: Ng Yu Zhi’s bid for bail midway through trial denied by High Court
Ng Yu Zhi is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors.
Jul 03, 2025
SINGAPORE - Alleged fraudster Ng Yu Zhi, who is on trial in the High Court for masterminding a nickel-trading scam that attracted $1.46 billion from investors, was denied bail on July 3.
The judge said there is a risk that Ng, who had previously breached his bail conditions, will flee Singapore if he is released on bail.
Ng, 38, made his bid to be released on bail after 35 days of trial. The prosecution has called all its witnesses, while he has yet to give his defence.
He was first charged in March 2021 and granted bail, which eventually increased to $6 million.
On Feb 7, 2024, bail was revoked by the State Courts after Ng breached his bail conditions when he allegedly committed fresh offences by trying to get $500,000 from the sale of a shophouse.
He has been remanded in prison since.
On June 30, Judicial Commissioner Christopher Tan heard arguments from Ng’s lawyer, Ms N.K. Anitha, and Deputy Public Prosecutor Lynn Tan on the bail application.
The judge said on July 3 there is evidence that Ng potentially has the ability to access fake foreign travel documents and potentially has financial resources overseas at his disposal.
The judge also took into account the strength of the evidence that has been presented so far by prosecutors.
He said bail should also be denied because there was evidence that Ng may have provided his bailors – his father and his father-in-law – with funds to post bail.
The judge added that Ng’s breach of his bail conditions previously was serious.
Ng had allegedly arranged for a woman to impersonate his wife to sign a document to facilitate the sale of the shophouse. The Bussorah Street property is under an order prohibiting its sale.
Ms Anitha had argued that being held in prison hampers Ng’s ability to prepare for his case, citing concerns such as limited access to a pen.
But the judge assessed that being in remand would not prejudice the conduct of Ng’s defence.
Ng faces a total of 108 charges over offences including cheating, forgery, fraudulent trading, money laundering and criminal breach of trust.
The ongoing trial, which began in November 2024, relates to 42 of the charges.
Ng is accused of telling investors he could buy nickel at a discount and then sell the metal for profit.
The prosecution’s case is that the purported nickel trades did not exist, and that earlier investors were paid with money put in by other investors.
Ng’s nickel scheme was first offered through Envy Asset Management in February 2016.
After the firm was placed on the Monetary Authority of Singapore’s investor alert list, the scheme was moved to Envy Global Trading from April 2020 to March 2021.
During the trial, the court heard evidence that Ng had splurged millions on lavish purchases, which the prosecution alleges were funded by his ill-gotten gains.
These include luxury cars for his wife and girlfriends, a 20.25-carat yellow diamond ring, works of art, and a semi-detached house.
A former employee also testified that Ng had “five families” – his wife, an ex-wife and three girlfriends.
The prosecution told the court on June 30 that while Ng claims to be married, investigations by the Commercial Affairs Department have revealed that he is divorced from his wife, Ms Coco Cai Meizhen.
