Singapore trader pleads not guilty to US$1.1bil nickel scam-fraud that has rocked the business community


Ng Yu Zhi currently faces a total of 108 charges, of which 105 are in connection to the alleged nickel investment scam. - PHOTO: ST FILE

SINGAPORE (Bloomberg): An ex-accountant accused of running a billion-dollar nickel scam that rocked Singapore’s business community pleaded not guilty on Tuesday to 42 charges including fraud and money laundering.

Prosecutors alleged that Ng Yu Zhi, 37, raised money for trades that did not exist. Hundreds of clients, many of them high-profile figures in the city-state, put their money into a $1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted impressive average quarterly gains of 15%.

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