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

[LITTLEREDDOT]

$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On Feb 7, 2024, bail was revoked by the State Courts after Ng breached his bail conditions when he allegedly committed fresh offences by trying to get $500,000 from the sale of a shophouse.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.

 

[Narong Wongwan]

Gong cheebye never run road.

 

[k1976]

This is Coco Cai Mei Zhen?

Coco Cai Meizhen is a socialite from Singapore, known for her association with luxury brands and her husband's involvement in a large-scale investment fraud case. She was featured in a luxury magazine wearing Bvlgari's Barocko jewellery collection, and is known for collecting high-end items. Her husband, Ng Yu Zhi, was arrested and charged with fraud and cheating related to suspected investment schemes.

Here's a more detailed look:

• Socialite and Collector:
  Coco Cai Meizhen is described as a svelte and soft-spoken individual who is part of Singapore's social scene. She is known for her collection of high-end items, including jewelry from Bvlgari and other luxury brands, as well as Chinese art and Louis Vuitton trunks.
• Husband's Legal Issues:
  Her husband, Ng Yu Zhi, was arrested and subsequently charged with fraud and cheating in connection with a large-scale suspected investment fraud scheme in Singapore. This event brought significant attention to Coco Cai Meizhen due to her association with him.
• 
  
• Luxury Magazine Feature:
  She was featured in a luxury magazine, photographed wearing Bvlgari's Barocko jewelry collection, highlighting her connection to the high-end fashion and jewelry world.

 

[k1976]

 

[k1976]

Any good samsters ride to her rescue?

 

[k1976]

Culture Connoisseur Coco Cai's Love For Timeless Treasures​

By Terence Lim
Nov 18, 2020

COVER Silk-blend V-neck dress, LV Volt mesh necklace and bracelet in yellow gold, textile ankle boots; bangle, Cai’s own. All by Louis Vuitton




Tatler+
Having developed a well-honed eye for beautiful things, Coco Cai is carefully curating a collection of art, jewellery and Louis Vuitton trunks for the next generation
Art is food for the soul—and this is why homemaker Coco Cai has decorated her home in Bukit Timah with various artworks such as Chinese ink and watercolour paintings and pop art sculptures to “reflect the experiences we all go through in life”.

“My husband and I have chosen the art pieces to remind ourselves that life has its ups and downs,” she shares. “And that the love and warmth we have as a family is precious.”

ABOVE Ribbed wool turtleneck, nylon pocket zipper pants, LV Archlight sneakers, LV Volt One cuff in yellow gold set with diamonds, LV Volt Upside Down ring in yellow and white gold set with diamonds; bangle, Cai’s own

 

[k1976]

Tiagong is Tiongkok Born….

 

[rocket]

Tiagong is Tiongkok Born….

Today no drive taxi ? Or traffic light waiting?

 

[LITTLEREDDOT]

$1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence​

The prosecution proceeded on 42 charges against Ng Yu Zhi in the current trial, which began in November 2024.

Jul 07, 2025

SINGAPORE - The trial of Ng Yu Zhi, who is accused of masterminding a nickel-trading scam that attracted $1.46 billion from hundreds of investors, came to an end on July 7 after he made the rare move of opting not to take the stand.

Judicial Commissioner Christopher Tan had called for Ng, 38, to give his defence after finding that the prosecution has presented a sufficient case against him.

The judge told Ng that he can choose to give evidence on the stand and be liable to cross-examination.

If he chooses to remain silent, the court may draw an adverse inference against him in deciding whether he is guilty or not, the judge added.

Ng chose to remain silent after speaking for about an hour to his lawyers, Mr Nichol Yeo, Mr Nicholas Narayanan and Ms N. K. Anitha.

Mr Yeo added that his client will not be calling any witnesses to testify for him.

The judge told parties to file closing submissions by Aug 4 and replies by Aug 18.

Ng is accused of deceiving investors, who include lawyers and financiers, into investing money to finance the trading of physical nickel.

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

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

Ng allegedly told investors he could buy nickel at a discount and then sell the metal for profit. He also used forged documents to spin a convincing tale.

The prosecution said the nickel trades never took place, and earlier investors were paid with money put in by other investors.

Ng’s scheme was first offered through Envy Asset Management in February 2016.

After the company 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.

The prosecution also alleged that Ng’s lavish lifestyle was funded by his ill-gotten gains.

During the trial, the court heard evidence that he had splurged millions on luxury cars for his wife and girlfriends, property, works of art and jewellery.

Ng was declared bankrupt in December 2022, after he and three others were sued by the liquidators of the Envy companies.

He has been remanded in prison since Feb 7, 2024.

His $6 million bail was revoked after he breached his bail conditions by trying to get $500,000 from the sale of a shophouse.

On June 30, 2025, after 35 days of trial, Ng sought to be released on bail, contending that being held in custody hampered his ability to prepare his case.


His attempt was denied on July 3, with the judge saying he was a flight risk.

 

[Narong Wongwan]

This is Coco Cai Mei Zhen?

View attachment 223471
Coco Cai Meizhen is a socialite from Singapore, known for her association with luxury brands and her husband's involvement in a large-scale investment fraud case. She was featured in a luxury magazine wearing Bvlgari's Barocko jewellery collection, and is known for collecting high-end items. Her husband, Ng Yu Zhi, was arrested and charged with fraud and cheating related to suspected investment schemes.

Here's a more detailed look:

• Socialite and Collector:
  Coco Cai Meizhen is described as a svelte and soft-spoken individual who is part of Singapore's social scene. She is known for her collection of high-end items, including jewelry from Bvlgari and other luxury brands, as well as Chinese art and Louis Vuitton trunks.
• Husband's Legal Issues:
  Her husband, Ng Yu Zhi, was arrested and subsequently charged with fraud and cheating in connection with a large-scale suspected investment fraud scheme in Singapore. This event brought significant attention to Coco Cai Meizhen due to her association with him.
• 
  
• Luxury Magazine Feature:
  She was featured in a luxury magazine, photographed wearing Bvlgari's Barocko jewelry collection, highlighting her connection to the high-end fashion and jewelry world.

This one just like that horse face CHC Sun Whore
Who spends husband criminal proceeds and gets off Scot free.
The law should have something to deal with these accomplices

 

[k1976]

This one just like that horse face CHC Sun Whore
Who spends husband criminal proceeds and gets off Scot free.
The law should have something to deal with these accomplices

Good wify material?

 

[NanoSpeed]

Good wify material?

She is sexually spiritual, and spiritually sexy.

A perfect blend of lust and morals.

 

[LITTLEREDDOT]

Liquidators score victory to recoup over $900 million from alleged scammer Ng Yu Zhi’s associates​

Court documents state that Ng’s three companies received about $1.09 billion, US$277.2 million (S$357 million) and €980,000 (S$1.4 million) in investor funds.

Summary

• Liquidators won a lawsuit to recover over $900 million from nine former directors and employees involved in a $1.5 billion nickel trading scam, Singapore's largest Ponzi scheme.
• The High Court ruled directors Lee Si Ye and Ju Xiao breached duties, and Ju committed fraudulent trading; they must repay about $27 million in fees and bonuses.
• Six former employees were ordered to return over $42 million in fictitious profits as the Envy companies "never made any actual profit".

AI generated


Jul 29, 2025, 10:03 PM

SINGAPORE - The liquidators for three companies of Ng Yu Zhi, the

alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam,

scored a legal victory on July 29 to recover more than $900 million from nine former directors and employees for their role in Singapore’s biggest Ponzi scheme.


In 2021, the liquidators of Envy Asset Management (EAM), Envy Global Trading (EGT) and Envy Management Holdings (EMH) sued Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng.

Court documents state that Ng’s three companies received about $1.09 billion, US$277.2 million (S$357 million) and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading.


Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors.

In a 180-page judgment issued on July 29, the liquidators, who are represented by lawyers David Chan, Daryl Fong and Lin Ruizi of Shook Lin & Bok, were awarded damages after Ms Lee, Mr Ju and Mr Cheong were found to have breached their duties. They also received damages for fraudulent trading by Mr Ju.

The trio were also ordered to pay back about $27 million in commission payments, profit sharing, bonuses, CPF payments, directors’ fees and dividends.

The High Court, however, ruled that the July 29 judgment is “not binding” on Ng, who was made bankrupt in December 2022.


Civil proceedings against the former managing director of EGT and EAM stopped as a result.

Ng’s criminal trial on 42 charges ended on July 7 after he opted not to take the stand. He had faced a total of 108 charges over offences including cheating, forgery, fraudulent trading, money laundering and criminal breach of trust.


In awarding damages to the liquidators, High Court Judicial Commissioner Mohamed Faizal found that the nickel trading scheme did not exist and none of the investors’ monies were used to buy nickel from Poseidon Nickel.

This is the Australian firm that Ng claimed to have bought nickel from.

Instead, the funds were transferred to Ng through Envy Asset Management Trading, paid as directors’ fees to Ng and Ms Lee, and as commission payments, or profit sharing fees to the defendants and other employees.

The funds were also used to pay referral fees or “profits” in excess of the invested principal to investors; and transferred or paid to other companies owned by Ng or his Envy companies, the judicial commissioner found.

The High Court also found that the Envy companies were “hopelessly insolvent and unable to pay their debts. Neither EGT nor EMH had any legitimate, revenue-generating business, and there was no other meaningful business undertaken by the Envy companies”.

There was also “compelling evidence of the shocking level of ineptitude and nonchalance” on the part of Ms Lee, who allegedly helped Ng cover up details of fraudulent transfers of $416.5 million and US$17.7 million to his own bank accounts under false pretences, according to the ruling.


She was found to be “grossly negligent” but “did not have actual knowledge” of the Ponzi scheme as she and her own family members and loved ones also invested in the scheme, the judicial commissioner pointed out.

As for Mr Ju, the High Court found that he was in breach of his director’s duties and liable for fraudulent trading, among other things.

“That he was willing to forge documents, fraudulently change the paid-up capital sums for EGT and mislead investors... spoke to his entire approach to his role as a director and employee of the company. These actions also reflect his willingness to be complicit in whatever he was asked to do. This made a mockery of his duties as a director of EGT,” the judge said.

Mr Cheong, the former employee, knew that he was creating forgeries, and also became aware that these were being circulated to both internal employees and external investors, but the High Court found that he did not know that such actions were being done to prop up a sham scheme.

For one thing, Mr Cheong was “not particularly sophisticated and possessed a rather rudimentary understanding of the business”.

His own investments “started even before he joined the Envy companies and he had assisted some of his friends to do the same, which suggests that he himself bought into the logic of the purported nickel trading”, the judicial commissioner said.

Regardless of whether Ms Lee, Mr Ju or Mr Cheong had knowledge of the Ponzi scheme, they were still ordered to return most of the monies they had received from the Envy companies.

In a separate 62-page judgment released on July 29, the High Court ordered six other former employees of the Envy companies to cough up more than $42 million in fictitious profits, commission payments, profit sharing and referral fees paid to them.

This award is subject to a deduction of income tax payments made by these six employees.

Former employees Lau Lee Sheng, Benjamin Teo Wei Wen, Shen Xuhuai, Koh Hong Jie (Xu Hongjie), Guo Yujia and Jordan Chua Wei Jian were named defendants in this suit brought by the liquidators.

The High Court allowed the liquidators to claw back monies paid to them after finding that the Envy companies “were never under any obligation to pay the commission payments and profit sharing payments to the defendants because the (companies) never made any actual profit”.

 

[batman1]

This ugly fat pig can be a $1 billion scammer ? Amazing !

 

[WangChuk]

Wow ... this legendary 33yo young man Ng Yu Zhi really make it into History Record of Singapore with his fraud involving at least $1 billion, the largest in Singapore's history. Power!