How Ng Yu Zhi allegedly perpetrated the billion-dollar Envy 'nickel trading scheme'

SINGAPORE - A massive investment fraud scheme that allegedly ensnared high-profile investors such as the chairman of Vickers Capital Group Finian Tan and even notable names in Singapore's legal fraternity has stunned many - given the calibre of the investors involved and the amounts they lost.

Ng Yu Zhi, 34, a little known businessman until four months ago, is accused of having swindled investors into putting at least $1.2 billion into non-existent nickel deals - making his the first-ever investment fraud case here to hit the billion-dollar range.

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