Singapore Businessman Ng Yu Zhi Faces 100 Charges in $1.1 Billion Nickel Scam, Linked to $67 Million Fraud

A businessman in Singapore, Ng Yu Zhi, is facing trial on more than 100 charges related to a $1.1 billion nickel scam that has significantly impacted the local business community. The scheme, linked to the Envy Group, attracted hundreds of investors who were misled into investing their money. Court documents reveal that Ng Yu Zhi allegedly spent millions on luxury items, including art and jewelry. This trial comes amid broader efforts by authorities in the region to combat various financial scams, including a recent crackdown in the Philippines and Indonesia, where a Filipino fugitive was arrested for a separate $67 million investment scam.