In Singapore, alleged nickel fraud ensnares members of its growing wealthy class including lawyers

The SCMP reports

  • Top lawyers and investors signed up for businessman Ng Yu Zhi’s scheme that allegedly raised S$1 billion for commodity trades that didn’t exist
  • Observers say with a growing moneyed class in the city state, it’s a lesson to investors to do extensive due diligence

    Three months ago, Ng Yu Zhi’s name was largely unknown to regular Singaporeans.

    Then the 34-year-old businessman was accused of fraud amounting to S$1 billion (US$744.5 million), in which he allegedly swindled the money selling nickel deals that never took place.

    Prosecutors alleged the money probably fuelled a lavish lifestyle. Ng lived in a three-story home with a fancy address and owned the city state’s only Pagani Huayra supercar costing more than S$7 million. Even Ng’s bail is an outsized S$1.5 million.

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