Ng Yu Zhi is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors. - Lianhe Zaobao via ST/ANN
SINGAPORE: Over six months, alleged fraudster Ng Yu Zhi spent nearly S$7 million (US$7.31 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.
In total, he is said to have spent more than S$21 million (US$15.92 million) on about 20 luxury cars.
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 S$1.46 billion (US$1.11 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, 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, 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.
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, Ho replied: “Yes, we were friends. I suppose, we are friends.”
The purchases from Ho’s companies were made between June 2020 and January 2021.
DPP Chan asked 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.
In cross-examination, Ng’s lawyer, Nichol Yeo, noted that his client owned a company called Envy Motors, which traded in cars as well as car licence plates.
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. Ho agreed.
Yeo also noted that Ng had approached 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.
Ho’s companies took part in the process and bought some of these cars, including a Pagani Huayra coupe, for which Ng had paid S$7.1 million (US$5.38 million).
The proceeds were paid to the Accountant-General, he said.
Ho had also invested S$200,000 (US$151,607) in the nickel scheme through someone called Charles, but “never took anything out”. He described it as a “friendly” investment.
When Yeo asked if this meant he had invested because of his relationship with Ng, 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. - The Straits Times/ANN
