Singapore businessman Ng Yu Zhi faces trial over US$1.1 billion nickel scam

Prosecutors allege that Ng Yu Zhi, 37, raised money for trades that did not exist. Hundreds of clients, many of them high-profile figures in the city state, put their money into a US$1.1 billion scheme tied to Ng’s Envy Group, which offered investments in nickel trading and touted impressive average quarterly gains of 15 per cent.

Ng, meanwhile, spent millions on funding an extravagant lifestyle, including a three-storey villa in a high-end neighbourhood and a multimillion-dollar Pagani sports car.

The law firms representing Ng are Legal Eagles, Nicholas & Tan Partnership LLP, Nine Yards Chambers LLC, R. Ramason & Almenoar. The presiding judge will be Christopher Tan.