Shocking Courtroom Revelation

In a shocking courtroom revelation, Lau Lee Sheng, the former executive director of Envy companies, broke down on the witness stand, recounting the devastation that befell his family after becoming embroiled in a S$40 million nickel-trading scam. The emotional testimony unfolded during the trial of 37-year-old Ng Yu Zhi, who stands accused of orchestrating the elaborate fraud that deceived investors and siphoned off a staggering S$1.46 billion.

Ng Yu Zhi's Charges

Ng Yu Zhi faces a whopping 108 charges, including cheating, forgery, and money laundering, with the current trial focusing on 42 of these allegations. The legal proceedings commenced in November 2024, shedding light on the intricate schemes employed by Ng to lure unsuspecting investors into his web of deceit.

Family Involvement and Loss

Lau, who had a personal history with Ng as a former schoolmate, revealed that he himself invested S$26 million, while his father contributed an additional S$15 million to S$16 million. The family affair deepened as his mother and sisters also put their hard-earned savings at stake, with his mother investing S$500,000—a life-altering amount for her.

Impact of the Scam

The family's grim reality came crashing down in February 2021, when they learned that their substantial investments were merely a façade. Lau emotionally recounted his mother’s declining health during this turbulent period, as she later received a Stage 4 cancer diagnosis, a heart-wrenching consequence of the stress and trauma inflicted by the scam.

The Illusion of Nickel Transactions

The Envy companies operated under the premise of lucrative investments in nickel, claiming that Ng had access to nickel at discounted rates from an Australian mining company. However, prosecutors clarify that no nickel transactions ever occurred; instead, earlier investors were paid using funds from newer ones, resembling a classic Ponzi scheme. Following warning signs from the Monetary Authority of Singapore, which placed Envy Asset Management on its investor alert list in March 2020, the operation shifted to Envy Global Trading in a bid to sidestep scrutiny.

Trust and Betrayal

Lau’s connection with Ng began in 2015, when they reconnected through a mutual friend. Following Ng’s advice, Lau initially made a lucrative investment in the oil and gas sector, leading him to seek further guidance from Ng and ultimately join Envy Asset Management in mid-2016. His trust in Ng seemingly spiraled into naivety, as Lau began to question the authenticity of the nickel scheme in late 2018 after struggling to address concerns from potential clients.

Court Evidence and Manipulation

In court, chilling text messages between Lau and Ng highlighted Lau’s growing suspicions and Ng’s evasive responses. Despite Lau's demands for transparency, he found himself manipulated, with Ng emotionally attempting to guilt-trip him after their confrontations—a tactic that ultimately left Lau feeling betrayed.

A Harrowing Journey Forward

As the trial continues to unravel this high-profile case, Lau now faces potential bankruptcy as the liquidators of the Envy companies aim to recover over S$17 million, a significant portion of which is tied to his commissions, despite asserting that he was an uninvolved employee.

A Cautionary Tale

This astonishing case serves as a poignant reminder of the grave dangers associated with investment schemes, where personal trust can lead to devastating financial repercussions. With millions at stake and lives forever altered, the pursuit of justice in this case has only just begun, leaving many to wonder: how many more have fallen victim to similar scams, and what safeguards exist to protect investors from such heart-wrenching deceptions?