Billion-dollar nickel scam: Ng Yu Zhi spent $7m on luxury cars he gave to wife, girlfriends
Source: Straits Times
Article Date: 12 Apr 2025
Author: Selina Lum
Ng Yu Zhi is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors.
Over six months, alleged fraudster Ng Yu Zhi spent nearly $7 million buying eight high-end cars, most of which were given to his wife and three girlfriends.
The cars included two Rolls-Royce Phantom EWB luxury saloons, top-of-the-range models which have more legroom.
Ng paid $1.8 million for one in white, which he gave to his wife, and another $2.1 million for a purple one, which he gave to a girlfriend.
In total, he is said to have spent more than $21 million on about 20 luxury cars.
Ng also splurged on unusual car plate numbers – he paid $1.05 million for “S11T”, which is believed to be the first civilian car plate registered in Singapore, and $91,000 for “ES11J”.
Details of the purchases emerged on April 11, when car dealer Michael Ho took the stand in Ng’s ongoing criminal trial in the High Court.
Ng is accused of masterminding a nickel-trading scam which attracted $1.46 billion from hundreds of investors.
The investment scheme was perpetrated by his Envy group of companies between 2016 and 2021.
He told investors he could buy nickel at a discount and then sell the metal for profit.
But on April 9, a liquidator of the Envy companies, Ms Tan Siang Hwee, testified that the purported nickel-trading business did not exist, and that Ng’s business can be considered a Ponzi scheme in layman’s terms.
Ng is said to have used investors’ funds to lead a lavish life.
On April 11, Mr Ho, a director of F1 Autos and F1 Auto Cars, testified about the details surrounding the cars and car registration plates that Ng had bought from his companies.
Mr Ho said he was introduced to Ng in 2018 or 2019.
He dealt directly with Ng, who placed orders for the cars over the phone, at face-to-face meetings or over WhatsApp messages.
When Deputy Public Prosecutor Chan Yi Cheng asked if he met Ng outside the car deals, Mr Ho replied: “Yes, we were friends. I suppose, we are friends.”
The purchases from Mr Ho’s companies were made between June 2020 and January 2021.
DPP Chan asked Mr Ho to describe each car, explaining to Judicial Commissioner Christopher Tan that this was to show the type of cars and the lifestyle Ng led.
Mercedes Benz AMG GT
Ng paid $550,000 for the two-door sports car, which had a 4-litre engine capacity. The matte grey used car, which was imported from Britain, was transferred to Ms Qian Yijun.
Bentley GTC
Ng paid $800,000 for the white convertible, which has a W12 engine and a 6-litre engine capacity. The two-door car was transferred to Ms Wang Ruoxuan.
BMW M8
Ng paid $649,000 for the black high-performance saloon, which was registered in his name.
Aston Martin Rapide, Ferrari 575
Ng paid a total of $600,000 for the two cars.
The used Aston Martin, a four-door black saloon, cost $240,000. It was transferred to Mr Cheong Ming Feng, a former employee.
Ng did not take possession of the Ferrari.
Rolls-Royce Phantom EWB
Ng paid $1.8 million for the white saloon, which has an extended wheelbase compared with the standard Phantom. The car was transferred to his wife, Ms Cai Meizhen.
Mercedes-Benz G 350d
Ng paid $460,000 for the green sport utility vehicle, which has a 3-litre diesel engine. The car was transferred to Ms Cai.
Rolls-Royce EWB Phantom V12
Ng paid $2.1 million for the purple car, which was transferred to Ms Tay Li Ting.
Apart from the Ferrari, the vehicles and the car plates are among the assets listed in two money-laundering charges.
In cross-examination, Ng’s lawyer, Mr Nichol Yeo, noted that his client owned a company called Envy Motors, which traded in cars as well as car licence plates.
Mr Ho said he knew Ng had invested in such a venture but was not sure of the arrangements.
The defence lawyer also pointed out that Ng had paid for the purchases through cheques or fund transfers, rather than cash or cryptocurrency. Mr Ho agreed.
Mr Yeo also noted that Ng had approached Mr Ho in 2021 to sell off all his cars. Mr Ho said he was approached by both the police and Ng regarding the sale of the cars.
The cars were eventually sold through the tender process.
Mr Ho’s companies took part in the process and bought some of these cars, including a Pagani Huayra coupe, for which Ng had paid $7.1 million.
The proceeds were paid to the Accountant-General, he said.
Mr Ho had also invested $200,000 in the nickel scheme through someone called Charles, but “never took anything out”. He described it as a “friendly” investment.
When Mr Yeo asked if this meant he had invested because of his relationship with Ng, Mr Ho replied: “Yes, and also in the hope of getting some returns.”
Other car dealers are expected to testify when the trial continues on April 15.
Source: The Straits Times © SPH Media Limited. Permission required for reproduction.
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