SINGAPORE (Bloomberg) -- Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.
Vickers would be the highest-profile investor yet to have fallen victim to the suspected US$740 million swindle, which Singaporean authorities have said could be the biggest investment fraud the financial hub has ever seen.
The alleged mastermind, Ng Yu Zhi, has been charged with a range of suspected crimes from faking the purchase and sale of nickel to falsifying transfers from Citibank and account statements that showed millions in funds.
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