Ng Yu Zhi: The Man Behind the Alleged Billion-Dollar Fraud

The Alleged Ponzi Scheme Mastermind
Ng Yu Zhi, a former director of Envy Global Trading, has been accused of running the largest Ponzi scheme in Singapore's history, worth about S$1.5 billion. The charges against him include 108 counts of cheating, forgery, money laundering, and criminal breach of trust.
Modus Operandi
Ng allegedly raised money from investors promising high returns on nickel investments. However, prosecutors claim that the trades did not exist and that Ng used the funds to cover up losses and fund his lavish lifestyle.

The Envy Global Empire
Envy Global Trading was a company that traded in nickel and other commodities. Ng was the driving force behind the company's rapid growth, which attracted hundreds of clients, including high-profile figures. However, the company's collapse left investors with significant losses.

Unraveling the Scheme
The alleged Ponzi scheme began to unravel in 2021 when investors started to withdraw their funds. Envy Global Trading was unable to meet the withdrawal requests, and the company went into liquidation. Shortly after, Ng was arrested and charged with numerous offenses.

The Trial
Ng's trial commenced in 2023. The prosecution presented evidence that Ng had forged documents and misled investors about the performance of his trades. Ng denied the charges, claiming that he was a victim of circumstances.

The Verdict
In 2024, Ng was found guilty of all charges. He was sentenced to 25 years in prison, the maximum penalty for cheating. The presiding judge described Ng's actions as "a fundamental betrayal of trust" that had "shattered the lives of many."

Legacy
Ng Yu Zhi's alleged fraud scheme has left a lasting impact on Singapore's financial landscape. It has raised concerns about the regulation of investment schemes and the importance of investor due diligence. The case has also served as a reminder of the destructive power of greed and deceit.