Ng, the alleged mastermind of a nickel investment scam, spent more than SS$21 million on about 20 luxury cars between Dec 2019 and Feb 2021. - Photo: Lianhe Zaobao file
SINGAPORE: Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam that attracted S$1.46 billion (RM4.8bil) from investors, was said by the prosecutors to have led a lavish life funded by the proceeds of his crimes.The 37-year-old is now on trial for 42 charges for cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down.
Over six years, Ng offered investors the opportunity to make profits from the purported buying and selling of physical nickel by his companies, Envy Asset Management and Envy Global Trading.
Prosecutors said he forged documents to make his story more convincing.
In reality, no nickel was bought or sold by the Envy companies. Earlier investors were paid with money put in by other investors.
Ng has also been accused of misappropriating money from his company, and spending his ill-gotten gains on expensive works of art, property, cars, and jewellery.
These are some of the lavish purchases Ng allegedly made with the proceeds of his crimes.
Ng spent more than S$21 million on about 20 luxury cars between December 2019 and February 2021. He spent:
- S$7.1 million on a Pagani Huayra Coupe;
- S$2.1 million on a Rolls-Royce Phantom;
- S$1.9 million on a Lamborghini Aventador SV J and a Lamborghini Huracan Evo RWD;
- S$670,535 on a Porsche 911 GT3;
- S$701,000 on a Mercedes-Benz S63.
He also splurged over S$20 million on four properties between June 2020 and November 2020.
In addition, he bought nearly S$5 million worth of artwork between June 2020 and December 2020 and spent S$18.3 million on high-end jewellery and luxury watches. - The Straits Times/ANN
> This is a condensed version of the original article
