A $953m Singapore fund ensnared by alleged fraud

The Monetary Authority of Singapore (MAS) said: "We are performing a supervisory review” of Vickers Venture Partners (S) Pte Ltd. to "ascertain that it has met these requirements.”

SINGAPORE: 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 $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.