Luxury automobiles and high-end jewelry: Man makes lavish purchases of S$1.46.bil Nickel Trading Case

SINGAPORE – Prosecutors said that businessman Ng Yu Zhi, who they say was the leader of a nickel investment scam that scammed investors out of S$1.46 billion, lived a lavish life paid for by the money he made from his crimes.

At the moment, the 37-year-old is facing 42 charges of cheating, forgery, false trade, money laundering, and criminal breach of trust. 66 more charges have been dropped.

Over the course of six years, Ng gave buyers the chance to make money by buying and selling real nickel through his companies, Envy Asset Management and Envy Global Trading. The government said he lied about papers to make his story seem more credible.

In fact, the Envy businesses did not buy or sell any nickel. In the past, investors were paid with money that other investors had put in.

People have also said that Ng stole money from his business and bought expensive art, cars, jewelry, and real estate with the money he stole.

These are some of the expensive things Ng is said to have bought with money from his crimes.

Luxury cars

Ng spent more than $21 million on about 20 luxury cars between December 2019 and February 2021. He spent:

– $7.1 million on a Pagani Huayra Coupe;

– $2.1 million on a Rolls-Royce Phantom;

– $1.9 million on a Lamborghini Aventador SV J and a Lamborghini Huracan Evo RWD;

– $670,535 on a Porsche 911 GT3;

– $701,000 on a Mercedes-Benz S63.

Property

Ng spent more than $20 million on four properties between June 2020 and November 2020. He paid:

– $8 million for a property in Coldstream Avenue;

– $5.6 million for a property in Emerald Hill Road;

– $5 million for a shophouse in Bussorah Street;

– $1.97 million for a condominium unit in Jervois Road.

Artwork

Ng bought nearly $5 million worth of artwork between June 2020 and December 2020. He spent:

– $2 million on Red Tone by Singaporean artist Cheong Soo Pieng, and Snow Mountain by Taipei-based artist Liu Kuo-Sung;

– $505,000 on three works by Singaporean artist Chen Wen Hsi;

– $1.08 million on various works, including those by Singaporean artist Lim Tze Peng, Spanish surrealist Salvador Dali and Colombian artist Fernando Botero.

Jewellery and watches

Ng spent $18.3 million on high-end jewellery and luxury watches. He paid:

– $4.4 million for two necklaces, two rings and a watch from Bulgari;

– $3.5 million for a Chopard diamond ring;

– $2.5 million for a promise ring from Graff Diamonds;

– $221,600 for a diamond-encrusted Audemars Piguet Royal Oak watch;

– 712,500 Swiss francs (S$1.08 million) for a ruby and diamond necklace by jeweller Harry Winston and an emerald and diamond necklace by jeweller Fred. – The Straits Times/ANN