THE ENVY OF SINGAPORE

INVESTORS POURED A BILLION DOLLARS INTO NG YU ZHI’S NICKEL-TRADING COMPANY. HE’S NOW ACCUSED OF TAKING THE MONEY AND SKIPPING THE NICKEL

- MATTHEW CAMPBELL AND CHANYAPORN CHANJAROEN

Not long after the novel coronavirus arrived in Singapore, forcing the hyperconnected city-state to shut its borders for the first time, a rumor circulated among its many wealthy people—and among others who weren’t so well-off. A little-known investment manager was apparently delivering an astonishing 15% quarterly profit to anyone who invested with him, by trading nickel.

As word spread, more and more Singaporeans clamored to give their money to the investment manager, a 34-year-old ex-accountant named Ng Yu Zhi. Soon Ng’s fund, Envy Group, had raised almost S$1.5 billion ($1.1 billion) from hundreds of clients. He certainly 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 neighborhoods, a 126-foot yacht, and a fleet of luxury cars.

Trusting Ng would prove to be catastrophic. Singapore police arrested him last February and accused him of running perhaps the largest scam, in terms of dollars lost, in the small country’s history. According to police and forensic accountants appointed to examine Ng’s books, the trades he claimed to be making had simply never occurred. Instead, they say, he was engaged in an elaborate fraud, transferring S$475 million of investors’ money to himself and using it to enjoy a lifestyle that was lavish even by the standards of the setting for Crazy Rich Asians. 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.