Investors in Envy 'nickel trading scheme' may have to return gains of $119.7m

The 424 investors had invested in a dodgy $1.2 billion nickel trading scheme involving businessman Ng Yu Zhi (right). PHOTOS: REUTERS, ST FILE
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SINGAPORE - Hundreds of investors who reaped $119.7 million in so-called profits from fraudulent nickel investments with Envy Global Trading (EGT) may have to return the money to the company, according to court documents seen by The Straits Times.

The 424 investors had invested in a dodgy $1.2 billion nickel trading scheme involving big-spending businessman Ng Yu Zhi, former managing director of trading companies EGT and Envy Asset Management (EAM).

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