1 billion in alleged fraud case (Former: Fat boy screwed her of S$48 million)

[jurongkechil]

He run to other country also better right?

 

[Patriotmissile]

Poor ipoh girl can become uhnw must be either luck or fuck.

 

[LITTLEREDDOT]

‘World came crashing down’: Ex-Envy director and family invested more than $40m in nickel scam​

Ng Yu Zhi, the man accused of masterminding the alleged scam, arriving at the State Courts in January 2023.PHOTO: ST FILE

Selina Lum
Apr 02, 2025

SINGAPORE - The former executive director of the Envy companies cried on the stand on April 1 as he talked about how “the world came crashing down” on his family, who had invested more than $40 million in a nickel-trading scam.

Mr Lau Lee Sheng was testifying in the ongoing trial of 37-year-old Ng Yu Zhi, the man accused of masterminding the alleged scam, which attracted $1.46 billion from investors through his companies Envy Asset Management and Envy Global Trading.

Ng faces 108 charges over offences including cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.

The prosecution is proceeding on 42 of these charges in the current trial, which began in November 2024.

Mr Lau, a former secondary schoolmate of Ng, whose companies he joined, told the court that he invested $26 million in the scam, while his father put in another $15 million to $16 million.

His mother and two sisters were also investors. The sum of $500,000 that his mother invested was a very significant amount of her life savings, he said.

As at February 2021, he was managing more than $200 million from 30 investors, at least half of whom were family members and relatives.

Mr Lau said he and his family realised “everything was a fraud” when Ng was arrested that year.

During this period, his mother felt a lump in her chest, but did not tell anyone because of the trauma that the family was going through, he said.

She was diagnosed with Stage 4 cancer a year later, he said tearfully.

When Judicial Commissioner Christopher Tan asked how she was doing, Mr Lau replied that she was “going on strong”.

Mr Lau also told the court that the liquidators of the Envy companies are seeking to claw back from him more than $17 million, most of which is said to be what he earned in commissions, although he is considered a “non-complicit” employee.

If the liquidators succeed, he would be bankrupt, he said.

The nickel-trading scam attracted $1.46 billion from 947 investors over six years, and Ng allegedly used the invested funds to finance his lavish lifestyle.

Ng told investors he could buy nickel at a discount from an Australian mining company and then sell the metal for sizeable profits.

But prosecutors say no nickel was actually bought or sold; earlier investors were paid with money put in by other investors.

The scheme was offered through Envy Asset Management (EAM) from February 2016.

After EAM was placed on the Monetary Authority of Singapore’s investor alert list in March 2020, the scheme was moved to Envy Global Trading.

Mr Lau said he reconnected with Ng in 2015 through a mutual friend.

On Ng’s advice, he invested $50,000 in oil and gas company Seadrill, and received five or six times that amount in returns, he said.

Wanting to learn about investing from Ng, Mr Lau asked him for a job and joined EAM in mid-2016.

Mr Lau said he began querying Ng about the nickel scheme in the second half of 2018, after he could not answer questions about it from high-net-worth individuals who were his prospective customers.

Screenshots of the text messages exchanged between Ng and Mr Lau were shown in court.

In the messages, Mr Lau asked Ng for various documents, and Ng showed him some.

He said he felt assured by the documents, such as bank statements, and Ng’s explanations.

In March 2019, he confronted Ng after learning that the co-founder of Envy, Ms Rhiya Lee, did not have access to its bank accounts.

Later, in a text message, Ng told Mr Lau to trust him, and said he felt hurt by the confrontation.

Mr Lau said: “Today, looking back at this, he was just trying to guilt-trip me.”

The trial continues on April 2.

 

[LITTLEREDDOT]

$1.45b nickel scam: Venture capitalist says he was impressed when he first met alleged scammer​

Venture capitalist Finian Tan (left) told the High Court that he was impressed by alleged fraudster Ng Yu Zhi.PHOTOS: ONG WEE JIN, LIANHE ZAOBAO

Selina Lum
Apr 03, 2025

SINGAPORE - Well-known venture capitalist Finian Tan told the High Court on April 3 that he was impressed by alleged fraudster Ng Yu Zhi, who was introduced to him as a successful nickel trader when they first met in August 2020.

Dr Tan said: “I was so amazed that such a young person could have amassed so much net worth.”

“He was a self-made man apparently, and he was so young. He appeared knowledgeable and smart... He understood what I was doing, asked very good questions, didn’t inherit his wealth.”

Dr Tan, the founder and chairman of Vickers Venture Partners, is known for spotting the potential in search giant Baidu back in 2000, when it was just a small Chinese start-up.

He was taking the stand in the ongoing trial of Ng, 37, who is accused of masterminding a nickel-trading scam that attracted $1.45 billion from hundreds of investors over six years.

Ng is accused of cheating Dr Tan into delivering US$19.2 million (S$25.6 million) in fresh funds to Ng’s company, Envy Global Trading (EGT).

Ng allegedly did this by making Dr Tan believe that the company was buying nickel at a discount and selling the metal for a profit.

Taking the stand on the afternoon of April 3, Dr Tan noted that Ng never approached him about the nickel business.

He said a good friend had told him about someone who was keen to invest in Vickers or one of its funds.

Dr Tan, who holds a PhD in engineering, said he agreed to meet this person.

The meeting, held on Dr Tan’s boat in Sentosa, was attended by Ng and Ms Veronica Shim.

Ms Shim, a former Singapore Airlines flight attendant-turned-private banker, was then chief executive of fund manager Envysion Wealth Management.

Dr Tan said Ms Shim, who arrived earlier, told him that Ng was a “very, very successful nickel trader”.

He added that he believed Ng must be successful because he was intending to put millions into investments with a long horizon.

After this meeting, Ng agreed to commit a US$5 million investment in one of the funds.

Subsequently, Ng expressed interest in investing US$24 million in one of the companies in the Vickers group but had three conditions.

Ng wanted to bring others in on the investment, wanted the investment to be paid in two tranches, and wanted Dr Tan to be on Envysion’s board of advisers.

After meeting the six others, who include Envy co-founder Rhiya Lee and sales director Lau Lee Sheng, Dr Tan agreed to the conditions.

Out of the US$24 million invested, Ng contributed US$13 million.

Dr Tan said he agreed to be Envysion’s adviser because the time commitment was small, and he was happy to advise young companies on venture capitalism.

After agreeing to be an adviser to Envysion, he met Ms Shim at Centennial Tower, where EGT’s office is located.

It was then that he found out Envysion’s “bread and butter” was investing in Ng’s nickel business.

He said: “I was quite surprised because nickel trading is volatile. How do you raise a fund that invests in nickel trading?”

He said when he asked Ms Shim how Ng could make so much money, she told him to speak to Ng.

“This was the first time after the first two business deals that I found out what Youzhi did,” he said, referring to Ng by his name in Mandarin.

Dr Tan, who used to be an oil trader, said he had never made such consistent money in trading and wanted to know how Ng did it.

Ng told Dr Tan that at his former job at an accounting firm, one of his clients was a nickel miner.

At the time, the demand for nickel was low, but there was a surplus of the metal.

Ng said he bought nickel at a discount and sold it for a profit.

Over time, the supplier had enough confidence in him to grant him a term contract.

Subsequently, the demand for nickel surged, and it became a seller’s market.

Dr Tan said he related this to his own experience trading in the Middle East, and the rate of returns sounded very realistic to him.

When Dr Tan returned home, he checked the nickel prices for the past years, and they were consistent with Ng’s narrative.

He later asked Ng in a text message if he could invest in his nickel business.

Dr Tan’s testimony continues on April 4.

Ng faces 108 charges over offences including cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.

The prosecution is proceeding on 42 of these charges in the current trial, which began in November 2024.

​

 

[LITTLEREDDOT]

‘I was sold’: Venture capitalist admits he was fooled by alleged fraudster in $1.45b nickel scam​

5 Apr 2025
Selina Lum

Well-known venture capitalist Finian Tan told the court that he had always avoided being cheated, but was “sold” on the story that alleged fraudster Ng Yu Zhi had told him for several months.
Well-known venture capitalist Finian Tan told the High Court on April 4 that he had always avoided being cheated, but was “sold” on the story that alleged fraudster Ng Yu Zhi had told him for several months.

When the Commercial Affairs Department started looking into Ng’s nickel-trading business, Dr Tan was thinking of ways to help Ng solve his problem with the authorities, believing that it was just a misunderstanding.

Dr Tan said he then tried, but could not get satisfactory answers from Ng. After gathering information from other sources, he realised it was more than a misunderstanding. “There was a serious stench of some fraud,” he said.

Dr Tan, the founder and chairman of Vickers Venture Partners, was on the stand for the second day in the ongoing trial of Ng, 37, who is accused of masterminding a nickel-trading scam that attracted $1.45 billion from hundreds of investors from 2016 to 2021.

Ng is accused of cheating Dr Tan by getting him to deliver US$19.2 million (S$25.7 million) between October 2020 and January 2021 to Ng’s company Envy Global Trading (EGT).

He allegedly did so by deceiving Dr Tan into believing that the company was buying nickel at a discount and selling the metal for a profit.

The bulk of the sum came from Dr Tan: US$14 million was from holding company Vickers Financial Group, of which he is the majority shareholder, and another US$1.5 million was his personal money.

Ng is also accused of cheating a company named FinComm, which used money from two of Vickers’ funds to invest in the nickel scheme. FinComm had delivered another US$14.1 million to EGT between December 2020 and January 2021.

The prosecution contends that no nickel was actually bought or sold; earlier investors were paid with money put in by other investors.

During his first day on the stand, Dr Tan said he was introduced to Ng in August 2020. He said Ng did not approach him about the nickel business, but wanted to invest in Vickers.

Dr Tan later asked Ng how he made his money in nickel trading, and asked to invest in Ng’s business.

On April 4, when asked how the case had affected him, Dr Tan said: “As a venture capitalist, it’s my first exposure to something like this.”

Speaking thoughtfully, he noted that he was in the business of investing and taking risks, and that several people had tried to cheat him. “I’ve always avoided them because I could see slip-ups,” he said.

“I admit that in this case, I was sold. He was skilful in what he did. He could fool me,” said Dr Tan.

He said Ng knew all the jargon and knew what could possibly make this type of money. He noted that Ng chose a metal that had low prices a few years ago, but whose prices have since gone up.

Dr Tan also testified about the “amazing act” that Ng had put on. The two men often met for meals with their families, and Ng was always checking nickel prices on his phone, said Dr Tan.

Once, Ng was constantly checking about a hurricane in Australia, apparently out of concern over a cargo loading. They high-fived each other after the loading was done, he testified.

“I never expected that this would be a Ponzi (scheme),” he said. “Why would someone doing (a) Ponzi (scheme) lock up money for 12 years?”

He was referring to how Ng had agreed to commit a US$5 million investment in one of Vickers’ funds.

Ng had also contributed US$13 million out of a US$24 million investment that he and six others had put into a company in the Vickers group.

Dr Tan said Ng had gained his trust. “He invested in us with no requirement. He never solicited anything, he never asked me to invest... I treated him as an investor,” he said.

Dr Tan said the nickel scheme seemed to make sense at the time, given his own experience in commodity trading.

Ng claimed he had a term contract to buy nickel from the supplier at a discount. He needed funds to buy the nickel and ship the cargo to the buyer, said Dr Tan.

Dr Tan said he understood that it was difficult for Ng to borrow money from banks because he was running a “small shop”.

He added that he consulted metals traders and also got good feedback from other investors, including people he knew personally.

Dr Tan said he now realised that many people had invested their life savings and that lives have been destroyed.

He said he still could not connect the person he knew to what Ng has been accused of.

“What would motivate someone to do this and hurt so many people in the process?”

 

[CoffeeAhSoh]

 

[Narong Wongwan]

This case also show how that bi Finian Tan to be a fool. And those high flyers all no critical thinking. You worry with these gullible people in charge

 

[CoffeeAhSoh]

They said Money Talks . How true deh woh

 

[NanoSpeed]

Finian Tan is @sbfuncle ?

Finian looks like John Lone.

 

[sbfuncle]

Finian Tan is @sbfuncle ?

Finian looks like John Lone.

Indeed finian look like me now except I'm a little more kcb

 

[NanoSpeed]

Indeed finian look like me now except I'm a little more kcb

 

[jsctan]

This type white collar crime must jail life sentence so cannot come out enjoy the hard earned money of his victims.

 

[CoffeeAhSoh]

Will he breaks Chia Teck Leng 's record of 42 years ? :(

 

[LITTLEREDDOT]

Billion-dollar nickel scam: Ng Yu Zhi spent $7m on luxury cars he gave to wife, girlfriends​

Ng Yu Zhi is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors. PHOTO: LIANHE ZAOBAO

Selina Lum
Apr 11, 2025

SINGAPORE – Over six months, alleged fraudster Ng Yu Zhi spent nearly $7 million buying eight high-end cars, most of which were given to his wife and three girlfriends.

The cars included two Rolls-Royce Phantom EWB luxury saloons, top-of-the-range models which have more legroom.

Ng paid $1.8 million for one in white, which he gave to his wife, and another $2.1 million for a purple one, which he gave to a girlfriend.

In total, he is said to have spent more than $21 million on about 20 luxury cars.

Ng also splurged on unusual car plate numbers – he paid $1.05 million for “S11T”, which is believed to be the first civilian car plate registered in Singapore, and $91,000 for “ES11J”.

Details of the purchases emerged on April 11, when car dealer Michael Ho took the stand in Ng’s ongoing criminal trial in the High Court.

Ng is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors.

The investment scheme was perpetrated by his Envy group of companies between 2016 and 2021.

He told investors he could buy nickel at a discount and then sell the metal for profit.

But on April 9, a liquidator of the Envy companies, Ms Tan Siang Hwee, testified that the purported nickel-trading business did not exist, and that Ng’s business can be considered a Ponzi scheme in layman’s terms.

Ng is said to have used investors’ funds to lead a lavish life.

On April 11, Mr Ho, a director of F1 Autos and F1 Auto Cars, testified about the details surrounding the cars and car registration plates that Ng had bought from his companies.

Mr Ho said he was introduced to Ng in 2018 or 2019.

He dealt directly with Ng, who placed orders for the cars over the phone, at face-to-face meetings or over WhatsApp messages.

When Deputy Public Prosecutor Chan Yi Cheng asked if he met Ng outside the car deals, Mr Ho replied: “Yes, we were friends. I suppose, we are friends.”

The purchases from Mr Ho’s companies were made between June 2020 and January 2021.

DPP Chan asked Mr Ho to describe each car, explaining to Judicial Commissioner Christopher Tan that this was to show the type of cars and the lifestyle Ng led.

Mercedes Benz AMG GT​

Ng paid $550,000 for the two-door sports car, which had a 4-litre engine capacity. The matte grey used car, which was imported from Britain, was transferred to Ms Qian Yijun.

Bentley GTC​

Ng paid $800,000 for the white convertible, which has a W12 engine and a 6-litre engine capacity. The two-door car was transferred to Ms Wang Ruoxuan.

BMW M8​

Ng paid $649,000 for the black high-performance saloon, which was registered in his name.

Aston Martin Rapide, Ferrari 575​

Ng paid a total of $600,000 for the two cars.

The used Aston Martin, a four-door black saloon, cost $240,000. It was transferred to Mr Cheong Ming Feng, a former employee.

Ng did not take possession of the Ferrari.

Rolls-Royce Phantom EWB​

Ng paid $1.8 million for the white saloon, which has an extended wheelbase compared with the standard Phantom. The car was transferred to his wife, Ms Cai Meizhen.

Mercedes-Benz G 350d​

Ng paid $460,000 for the green sport utility vehicle, which has a 3-litre diesel engine. The car was transferred to Ms Cai.

Rolls-Royce EWB Phantom V12​

Ng paid $2.1 million for the purple car, which was transferred to Ms Tay Li Ting.

Apart from the Ferrari, the vehicles and the car plates are among the assets listed in two money-laundering charges.

In cross-examination, Ng’s lawyer, Mr Nichol Yeo, noted that his client owned a company called Envy Motors, which traded in cars as well as car licence plates.

Mr Ho said he knew Ng had invested in such a venture but was not sure of the arrangements.

The defence lawyer also pointed out that Ng had paid for the purchases through cheques or fund transfers, rather than cash or cryptocurrency. Mr Ho agreed.

Mr Yeo also noted that Ng had approached Mr Ho in 2021 to sell off all his cars. Mr Ho said he was approached by both the police and Ng regarding the sale of the cars.

The cars were eventually sold through the tender process.

Mr Ho’s companies took part in the process and bought some of these cars, including a Pagani Huayra coupe, for which Ng had paid $7.1 million.

The proceeds were paid to the Accountant-General, he said.

Mr Ho had also invested $200,000 in the nickel scheme through someone called Charles, but “never took anything out”. He described it as a “friendly” investment.

When Mr Yeo asked if this meant he had invested because of his relationship with Ng, Mr Ho replied: “Yes, and also in the hope of getting some returns.”

Other car dealers are expected to testify when the trial continues on April 15.

 

[LITTLEREDDOT]

Billion-dollar nickel scam: Ng Yu Zhi traded in Bentley to buy Aston Martin for family member​

Ng Yu Zhi is said to have spent more than $21 million on about 20 luxury cars.PHOTO: LIANHE ZAOBAO

Selina Lum
Apr 15, 2025

SINGAPORE – Less than a year after he paid $490,000 for a Bentley Mulsanne, alleged fraudster Ng Yu Zhi traded in the luxury car for an Aston Martin Rapide he bought for a man who is believed to be a family member.

More details of Ng’s lavish car purchases emerged on April 15 when two car dealers took the stand in his ongoing criminal trial in the High Court.

In total, he is said to have spent more than $21 million on about 20 luxury cars.

The 37-year-old is accused of masterminding a scam which attracted $1.46 billion from hundreds of investors who were told he could buy nickel at a discount and then sell the metal for profit.

The investment scheme was offered by his Envy group of companies between 2016 and 2021.

Ng has been remanded in custody since Jan 31, 2024.

On April 14, car dealer Michael Ho testified that Ng bought high-end cars, including two Rolls-Royce Phantom saloons, for his wife and three girlfriends.


Ng had paid close to $7 million for eight cars from Mr Ho’s companies, F1 Autos and F1 Auto Cars, as well as $1.05 million for a vintage car-plate number. These purchases were made between June 2020 and January 2021.

On April 15, Mr Lim Ah Poh, chief executive of Motorway Credit, testified about the three cars Ng bought from his company.

Ng bought a used Bentley Mulsanne for $490,000 in December 2019. The purchase was partially funded by Ng trading in a Lamborghini Aventador LP750-4 Superveloce for about $155,000.

In September 2020, Ng traded in the Bentley for $308,000 to partially pay for a used Aston Martin Rapide.

The four-door car, which has a 6-litre engine, had a price tag of $325,000.

The Aston Martin was transferred to Mr Ng Siew Thiam, whose relationship with Ng was not raised in court. The Straits Times understands that he is a member of Ng’s family.

That month, Ng also bought a $183,000 Mercedes-Benz E200 AVG. The four-door used car was registered in the name of Mr Chua Eng Kiam, who is believed to be another family member.

Mr Lim testified that his sales staff had handled the transactions.

The court was also told that Ng bought a vintage Mercedes-Benz 280SL for one of his girlfriends, Ms Qian Yijun, that month.

Mr Krez Hong, a sales and operation executive at Autobahn Motors, testified that the car was bought from his company for $288,000.

The two-door car was first registered overseas in 1970, and first registered in Singapore in 1984, he said. Mr Hong said the model is quite rare, and that there are “maybe” 10 to 20 such cars in Singapore.

The trial continues on April 16.

Ng faces 108 charges of cheating, forgery, fraudulent trading, money laundering and criminal breach of trust.

The prosecution is proceeding on 42 of these charges in the current trial, which began in November 2024.

 

[LITTLEREDDOT]

Nickel scam accused Ng Yu Zhi splurged on 20-carat diamond ring, and had ‘five families’: witness​

Business Times
17 Apr 2025
Tay Peck Gek

An ex-employee of Ng Yu Zhi, testifying for the prosecution, tells of the women in his life, of prepping tables of figures and sealed bags of 'nickel'.

Alleged nickel fraudster Ng Yu Zhi had "five families" -- his wife, ex-wife and three girlfriends -- one of his former employees told the High Court on Wednesday (Apr 16). This prosecution witness, Shen Xuhuai, also testified that Ng had asked her to help him buy a 20.25-carat yellow diamond ring for US$965,000. It was not mentioned in court whether the gem was gifted.

The information on the 37-year-old accused's private life emerged when Shen, the former general manager of Envy Asset Management, was giving evidence in the trial in which Ng is contesting 42 charges of fraudulent trading, cheating, forgery, criminal breach of trust and money laundering.

Ng's lawyer questioned the relevance of the testimony about Ng's partners, but Deputy Public Prosecutor Lynn Tan was allowed to proceed with building the prosecution's case for the accused's money-laundering charges.

Shen was taking the court through a string of WhatsApp messages between Ng and her from 2020, about the calculations of estimated profits from the purported nickel trading business, when one of her messages mentioned that Ng had "five families".

Asked what she meant by that, she replied: "At that point of time, he had one wife and three girlfriends, and one ex-wife." She could not recall the name of Ng's former spouse, but was able to name the other four women in Ng's life -- his current wife Coco Cai Meizhen, and his three girlfriends Li Qiong, Qian Yijun and Tay Li Ting. Ng had introduced all of them to Shen before.

Except for Li, all the other women had been recipients of luxury cars Ng bought, going by a car dealer's earlier testimony.

Shen also told the court about the US$965,000 yellow diamond ring that she helped Ng to buy from House of Gems in July 2020. She did this because Ng did not want their mutual friend Angela Ng to know he was the buyer.

For this, Ng is facing a charge of using ill-gotten gains from his fraudulent nickel trading to purchase the jewellery.

Nicholas Narayanan, Ng's counsel, pointed out that the accused had voluntarily surrendered the ring to the Commercial Affairs Department (CAD), which Shen said she did not know about.

She also testified that she prepared tables showing estimated profits and percentage returns, and that Ng provided figures, such as those for the selling price of the metal and hedging costs. She added that Ng made adjustments to these inputs to arrive at the percentage return he wanted.

When Narayanan asked Shen whether she knew that Ng had obtained such information from former Envy director David Ju Xiao, Shen replied that she did not know.

Three video clips were played in court, showing a team of Envy staff doing a stock count of "nickel" in a warehouse while Ng was heard talking in the background about the sacks of purported nickel stocks. He was heard saying that the sacks were sealed, so they were unable to see the nickel, but that the contents would have been verified before they were cleared for storage in a warehouse in Jurong Port. He said this should suffice for audit purposes.

Ng is accused of masterminding a nickel-trading scam that attracted nearly S$1.5 billion from 947 investors from 2016 to 2021. He allegedly claimed that his company Envy Asset Management was buying nickel at a discount and selling the metal for a profit.

When the company was placed on the Monetary Authority of Singapore's alert list, Ng is said to have used another company, Envy Global Trading, to perpetrate his scheme. He changed his ruse, saying that investors were providing financing for nickel purchases before the buyers paid up.

The prosecution contends that no nickel was bought or sold -- earlier investors were paid with money put in by other investors in the Ponzi scheme.

Shen became emotional on the stand when she was asked about the impact of this case on her. She said it caused her financial losses and mental stress because she, her family and friends had invested in the purported nickel trading.

She said that not only has her reputation in her circle of family and friends taken a hit, she has also become distrustful. She added that she had not expected Envy's business to be illegitimate. "When do I fact-check every single thing my boss asks me to do? If you now ask me to work, naturally I am going to question. (The case came to light in) 2021, now it's 2025 -- almost four years. But the civil lawsuit, coming here as a witness, talking about the case over and over... I am trying to move on with my life. If the civil lawsuit (is) not in my favour, I might end up bankrupt," she added.

The Envy group's liquidators have sued her and seven other former employees to recover some funds that were paid to them.

Shen said she was a junior college classmate of former Envy director Rhiya Lee, who invited her to join Envy, the company founded by Lee and Ng after they both quit working at KPMG. "Looking back, I was not thinking whether (the nickel trading) was legitimate, a scam or not. Rhiya, I have known her more than 10 years, I know what kind of person she is, I don't think she scammed... It would be in my wildest dreams that two ex-auditors would come up with a scam to scam people. Minimally, I think they knew what they (were) doing."

Apart from Shen, another of Ng's former employees, Jordan Chua -- the former managing director of Envy Motors -- also took the stand. Initially, Ng invested S$500,000 in Envy Motors when he incorporated the used-cars trading company and gifted half the shares to Chua for building the business up. Envy Motors' capital was subsequently raised to S$1 million.

Chua said Ng paid Envy Motors S$195,000 for a used Porsche Boxster, which Ng gifted to his girlfriend Zhao Wenjia in January 2020. As Zhao had wanted the two-door convertible quickly, ownership of the vehicle was transferred to her before Ng paid for it.

But the car was taken back two months later by Envy Motors, after Zhao had an accident. Chua, under instruction of the Commercial Affairs Department, sold the Porsche subsequently.

Ng's defence counsel will cross-examine Chua on Thursday.

 

[LITTLEREDDOT]

CEO who sold rare supercar to Ng Yu Zhi for $7.3m had also invested in billion-dollar nickel scheme​

Mr Steven Goh Ching Huat, chief executive of Ossia International, sold a blue Pagani Huayra Coupe to Ng Yu Zhi for $7.3 million in March 2020. PHOTO: COURT DOCUMENTS

Selina Lum
Apr 24, 2025

SINGAPORE - Businessman Steven Goh Ching Huat, who sold a rare supercar to alleged fraudster Ng Yu Zhi for $7.3 million, had invested millions in Ng’s billion-dollar nickel trading scheme.

Mr Goh, chief executive of lifestyle products retailer Ossia International, told the High Court on April 24 that he invested more than $20 million in Ng’s Envy companies from 2018 until Ng was arrested in 2021.

Mr Goh got back about $10 million and lost about $11 million, he said through a Mandarin interpreter.

He was testifying in Ng’s ongoing criminal trial for 42 charges of cheating, forgery, criminal breach of trust, money laundering and fraudulent trading.

The 37-year-old is accused of masterminding a scam which attracted $1.46 billion from 947 investors over six years.

Over the past two weeks, the court has heard evidence of Ng’s lavish purchases, which the prosecution alleges were funded by his ill-gotten gains.

They include millions spent on multiple luxury cars for his wife and girlfriends, US$965,000 (S$1.27 million) on a 20.25-carat yellow diamond ring, $8 million on a semi-detached house and $2 million on 41 works of art.

On April 24, Mr Goh testified about a blue Pagani Huayra Coupe that he sold to Ng for $7.3 million in March 2020.

The sports car is among the assets listed in two money laundering charges.

Mr Goh said only 100 units of this model were produced.

He had bought the car directly from the Italian manufacturer and it was the only one in Singapore, he added.

Ng paid Mr Goh a total of $7.1 million for the car between March and August 2020.

Mr Goh said that for one of the payments, Ng deposited only $800,000 when he was supposed to pay $1 million.

Mr Goh said: “I told him it’s all right, you deposit the remaining $200,000 as an investment for me.”

The $200,000 was invested in Envy Global Trading, the court was told.

Under cross-examination by Mr Nicholas Narayanan, one of Ng’s lawyers, Mr Goh could not recall when he bought the car, but said he paid “a few million dollars” for it.

When asked, Mr Goh said he had sold the car to Ng at a higher price than the price he had paid, but that it was “normal”, and he agreed with the defence lawyer that the car had tremendous value that appreciates over time.

Mr Narayanan asked Mr Goh if he knew Ng had tried to become the distributor for Pagani for the Singapore and Malaysia market, but the businessman said he did not know about this.

The trial continues.

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.

Ng allegedly told 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.

 

[Sustanon]

So how si bui kia, in the end got what's left + going jail lol?

 

[eatshitndie]

may be only 69 weeks jail considering the joke in sentencing in sg. and after that run road without any restitution considering the joke in passport control in sg.