The U$1 billion Ponzi scheme scandal that shocked Singapore, and the crazy rich Asian lifestyle of its mastermind
- Singaporeans invested US$1.1 billion in Ng Yu Zhi’s nickel-trading company. He’s now accused of running the largest financial scam in the city state’s history
Not long after the novel coronavirus arrived in Singapore and forced the hyperconnected city state to shut its borders for the first time, a rumour circulated that a little-known investment manager was apparently delivering an astonishing 15 per cent quarterly profit to anyone who invested with him, by trading nickel.
Ng seemed to be making good on the hype, returning steady gains quarter after quarter and giving every appearance of great success, with a mansion in one of Asia’s most expensive neighbourhoods, a 126-foot yacht and a fleet of luxury cars.
Trusting Ng would prove catastrophic for many. Singapore police arrested him in February last year and accused him of running perhaps the largest scam, in terms of dollars lost, in Singapore’s history.
Ng has yet to enter a plea in response to the 75 charges against him, and he declined to provide a comment for this story, citing ongoing police investigations.
