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Businessman Ng Yu Zhi Spent Over S$21M on Luxury Cars Amid Nickel Investment Scam

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Business Crime News

Nickel Investment Scam,Luxury Cars,Ng Yu Zhi

Ng Yu Zhi, accused of leading a S$1.46 billion nickel investment scam, has spent more than S$21 million on approximately 20 luxury vehicles. The businessman faces 42 charges of cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust.

Businessman Ng Yu Zhi, the alleged mastermind of a nickel investment scam, spent more than S$21 million on about 20 luxury cars between Dec 2019 and Feb 2021. - Photo: Lianhe Zaobao file

The 37-year-old is currently on trial for 42 charges for cheating, forgery, fraudulent trading, money laundering, and criminal breach of trust. Another 66 charges have been stood down. Ng has also been accused of misappropriating money from his company, and spending his ill-gotten gains on expensive works of art, property, cars, and jewellery.Luxury cars

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