Singaporean spent millions on cars, jewels with nickel fraud loot, charges say

A Singapore businessman used gains from a billion-dollar nickel trading scam to buy luxury cars, property, artwork and jewellery worth tens of millions of dollars, according to charges filed against him by public prosecutors on Monday.

Ng Yu Zhi has been implicated by authorities in a scheme that raised at least S$1.5 billion (US$1.12 billion) from investors to fund bogus nickel trades, in one of the biggest investment frauds in Singapore.

Prosecutors filed six more charges against Ng on Monday, including for transferring funds raised through the alleged fraud into his personal accounts as well as for using the money to pay for several purchases. Ng faces a total of 75 charges so far.

Ng’s lawyer did not immediately respond to an emailed request for comment. Reuters was not able to reach Ng for comment.

The businessman spent about S$19 million between 2020 and February 2021 to pay in part or in full for at least 20 cars, including a Pagani Huayra Coupe, Rolls Royce Phantoms, Lamborghinis, Aston Martins and Ferraris, according to the new charges.

He also used money from the scam to buy properties in Singapore, artwork, luxury watches and jewellery. It included S$3.5 million (US$2.56 million) in part payment for a Chopard ring with a 25 carat diamond.

Monday’s charges detailed acquisitions by Ng worth about S$100 million (US$73 million), including investments in some shares and insurance policies.