Risk register · entry
Q-F · FraudEnvy Global Trading nickel fraud
947 investors put S$1.46B into discounted nickel. The supplier had never sold any and the buyer never traded.
The fifth quadrant, where the thing was never real. The tell is that the story is too clean.
Why this quadrant
In civil suits brought by the liquidators, the Singapore High Court found that the nickel trading sold to Envy investors did not exist. Poseidon Nickel, the named supplier, told investigators it had no business relationship with the Envy companies and had made no production or sales since its incorporation. BNP, the named buyer, said its commodity unit had ceased operations in February 2019 and that BNP Paribas SA had no dealings with Envy. The court found 22 BNP trading statements were forged. Earlier investors were paid with money from later investors, the mechanics of a Ponzi scheme. Prosecutors allege that Ng Yu Zhi devised the scheme and moved about S$482 million to his own accounts. His criminal trial has not produced a verdict. The asset, the supplier and the buyer were never real, which places the event in QF.
The record
- Prosecutors told the High Court that Ng Yu Zhi's companies received S$1.46 billion from 947 investors over six years from February 2016, of which about S$482 million was channelled to his personal bank accounts; these are allegations pending a verdict.high
- On 4 May 2021 Poseidon Nickel told the interim judicial managers it had no business relationship with the Envy companies and had had no production or sales since its incorporation; the High Court recorded as undisputed that Envy never bought any Poseidon nickel.certain
- In June and July 2021 BNP told the interim judicial managers that BNP Commodity Futures had ceased operations in February 2019 and that BNP Paribas SA had no dealings with the Envy companies; the court found 22 BNP trading statements held by Envy were forged.certain
- Between 26 April 2018 and 10 February 2021, S$416,575,000 and US$17,665,000 were transferred from Envy Asset Management or Envy Global Trading accounts to accounts held in Ng's own name or jointly with an associate.certain
- The liquidators' estimate of net principal still owed to investors, accepted by the High Court on 29 July 2025, was about S$593,015,240, US$192,220,888 and EUR 880,000.certain
- Around 19 March 2020 the Monetary Authority of Singapore placed Envy Asset Management on its Investor Alert List, after which the business was moved to Envy Global Trading.certain
Sources
- Singapore High Court - Envy Asset Management Pte Ltd (in liquidation) and others v Ng Yu Zhi and others [2025] SGHC 143 (29 July 2025)
- CNA - S$1.5b nickel investment fraud case: Man lived lavishly on gains from scheme he masterminded, prosecution says (27 November 2024)
- CNA - S$1.5b nickel fraud trial: Accused swindler Ng Yu Zhi declines to testify, defence closes case (7 July 2025)
- CNA - S$1.5b nickel fraud: Father-in-law of alleged mastermind jailed after using money he did not own to post bail (16 April 2026)
- The Business Times - Three ex-employees of Envy group join Ng Yu Zhi in bankruptcy (25 September 2026)
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