Singapore: The Commercial Affairs Department is investigating two companies for alleged fraud in a nickel investment scheme, said the police late on Friday .Envy Asset Management and Envy Global Trading are suspected of misusing funds raised to supposedly finance commodity trading activities in nickel.
"The investors were promised varying returns, depending on the scheme they joined. Investigations arose due to the suspicion that investor monies were misused," said the police.One of the companies, Envy Asset Management, has been listed on the Investor Alert List on the Monetary of Singapore website since Mar 19, 2020.
Those lodging a report should also attach copies of documents such as investment agreements, bank statements, receipts and bank transfer forms.