SINGAPORE – Testimony in Ng Yu Zhi's Ponzi Scheme Case

In a dramatic courtroom session on November 28, former private banker and flight stewardess Veronica Shim Wai Han brought the proceedings to a halt with an emotional testimony revealing the tragic impact of businessman Ng Yu Zhi's alleged $1.5 billion nickel trading scam.

Shim stated that at least two investors succumbed to pressure related to the case, either directly or indirectly, showcasing the devastating ripple effects of this high-stakes fraud.

The Scale of the Fraud

Ng Yu Zhi's Ponzi scheme, which lured 947 investors with promises of unrealistic returns from nickel trading, has been described by prosecutors as "pure fiction." Shockingly, the scam siphoned approximately $481 million to his personal accounts, which Ng is accused of using to fund a lavish lifestyle that included luxury cars, expensive jewelry, and high-end property investments.

Veronica Shim's Testimony

Shim, who served as the former CEO of Envysion Wealth Management (EWM), became the first witness to take the stand in a trial expected to last over 50 days, encompassing 42 charges against Ng, stemming from fraudulent trading, cheating, and money laundering activities.

EWM was reportedly deceived into transferring $47.3 million to Ng's company, Envy Global Trading (EGT), on multiple occasions between September 2020 and January 2021. Shim revealed her own harrowing experience, detailing a loss of over $955,000, and spoke on behalf of the collective grief experienced by the victims.

"We faced disbelief, guilt, and the humiliation of being scammed—especially as professionals in the industry," she stated, tears streaming down her face.

High-Profile Victims

The case has drawn attention to several high-profile victims, including prominent figures such as Pek Siok Lan, general counsel of Temasek International, who lost $5.5 million; Thio Shen Yi, a former Law Society president who lost over $500,000; and Finian Tan, a noted venture capitalist who reportedly lost approximately $19.2 million.

The Emotional Toll

As she conveyed the emotional weight of their plight, Ng—who has been in custody—did not meet the eyes of the courtroom audience. Shim warned, "Even the most qualified and reputable professionals can fall victim to scams; it can happen to anyone."

Compounding the tragedy, Shim disclosed that her team of 30 now faces unemployment since their firm’s downfall linked to Ng's fraudulent activities.

"We attempted to comply with every regulation," she explained, "yet we find ourselves under scrutiny as victims while the true perpetrator remains unrepentant."

The Financial Ruin

When questioned about her total financial losses, Shim revealed that including EWM's exposure, she faced a staggering $16 million in damages, with no recovery in sight. The liquidators of the Envy Group currently hold all remaining assets, leaving investors in despair.

Ng Yu Zhi's Lavish Spending and Legal Battles

Investigators unveiled that Ng had lived largely beyond his means, spending lavishly on properties, art, and luxury vehicles, including a multi-million-dollar Pagani Huayra Coupe. After being declared bankrupt in December 2022, he now faces a long criminal battle.

Prosecutors allege that Ng deceived investors into believing they were buying nickel at a discount from an Australian mine, which he claimed would yield significant profits.

In a cruel twist, he instead orchestrated a scheme where funds from newer investors paid off earlier ones—a classic Ponzi structure that resulted in significant financial ruin for many.

Conclusion: The Aftermath of the Fraud

As the trial progresses, the wounds inflicted by this massive fraud remain fresh and painful, leaving numerous lives and careers shattered in the wake of Ng Yu Zhi’s alleged deception. Will justice be served, or will these investors have to carry the burden of betrayal forever? Stay tuned for updates on this developing story.