A High-Stakes Trial Unfolds in Singapore

In a dramatic courtroom scene in Singapore, businessman Steven Goh Ching Huat, the CEO of Ossia International, revealed shocking details about his dealings with alleged fraudster Ng Yu Zhi. Goh sold Ng a rare supercar for an eye-popping $7.3 million and also poured over $20 million into Ng’s infamous billion-dollar nickel trading scheme.

The Costly Investment That Turned Sour

During his testimony on April 24, Goh disclosed that he invested significantly in Ng's Envy companies from 2018 until Ng’s arrest in 2021. However, the investment turned into a costly misstep, netting Goh only around $10 million back while leaving him with an $11 million loss.

Ng Yu Zhi: The Accused Mastermind

Ng Yu Zhi stands accused of engineering a massive scam that defrauded 947 investors out of an astounding $1.46 billion over six years. Currently facing 42 charges—including cheating, forgery, and money laundering—Ng's lavish lifestyle is under scrutiny as the trial unfolds.

Extravagant Spending Fueled by Fraud

Court proceedings have unveiled Ng’s extravagant expenditures, allegedly funded by his illicit gains. Highlights include spending millions on luxury automobiles for his wife and girlfriends, a staggering $965,000 on a 20-carat yellow diamond ring, and a breathtaking $8 million for a semi-detached home.

The Legendary Pagani Huayra Coupe

Among the assets tied to Ng’s criminal enterprise is a unique blue Pagani Huayra Coupe, sold by Goh in March 2020. With only 100 units produced globally, it is a rare find, and Goh proudly noted that his was the sole one in Singapore.

Payment Discrepancies and Investment Link

Goh revealed a puzzling payment structure wherein Ng initially deposited only $800,000 instead of the agreed $1 million. To resolve this, Goh accepted the remaining $200,000 as an investment in Envy Global Trading.

Continued Cross-Examination Raises Questions

Under cross-examination, Goh struggled to recall specific purchase details of the Pagani but asserted he sold it for a profit, emphasizing the car's appreciating value. Furthermore, when interrogated about Ng's ambitions of becoming a Pagani distributor in Singapore and Malaysia, Goh admitted he was unaware of these plans.

The Nickel Scheme: A Deep Dive into Deception

Ng's nickel trading scheme, launched in February 2016, promised investors high returns through purported nickel purchases at discounts. However, after being flagged by the Monetary Authority of Singapore, the operation was transferred, with crime implications resounding through the financial community. The prosecution argues that the alleged nickel trades were mere fantasies, funded by money from unwitting investors.

The Trial Continues: What's Next?

As the trial progresses, the intrigue deepens around Ng Yu Zhi's operations and the extent of the deception involved. Will more shocking revelations surface? Stay tuned for the unfolding saga!