Billion-dollar nickel scam: Ng Yu Zhi traded in Bentley to buy Aston Martin for family member
Source: Straits Times
Article Date: 16 Apr 2025
Author: Selina Lum
Ng Yu Zhi is said to have spent more than $21 million on about 20 luxury cars.
Less than a year after he paid $490,000 for a Bentley Mulsanne, alleged fraudster Ng Yu Zhi traded in the luxury car for an Aston Martin Rapide he bought for a man who is believed to be a family member.
More details of Ng’s lavish car purchases emerged on April 15 when two car dealers took the stand in his ongoing criminal trial in the High Court.
In total, he is said to have spent more than $21 million on about 20 luxury cars.
The 37-year-old is accused of masterminding a scam which attracted $1.46 billion from hundreds of investors who were told he could buy nickel at a discount and then sell the metal for profit.
The investment scheme was offered by his Envy group of companies between 2016 and 2021.
Ng has been remanded in custody since Jan 31, 2024.
On April 14, car dealer Michael Ho testified that Ng bought high-end cars, including two Rolls-Royce Phantom saloons, for his wife and three girlfriends.
Ng had paid close to $7 million for eight cars from Mr Ho’s companies, F1 Autos and F1 Auto Cars, as well as $1.05 million for a vintage car-plate number. These purchases were made between June 2020 and January 2021.
On April 15, Mr Lim Ah Poh, chief executive of Motorway Credit, testified about the three cars Ng bought from his company.
Ng bought a used Bentley Mulsanne for $490,000 in December 2019. The purchase was partially funded by Ng trading in a Lamborghini Aventador LP750-4 Superveloce for about $155,000.
In September 2020, Ng traded in the Bentley for $308,000 to partially pay for a used Aston Martin Rapide.
The four-door car, which has a 6-litre engine, had a price tag of $325,000.
The Aston Martin was transferred to Mr Ng Siew Thiam, whose relationship with Ng was not raised in court. The Straits Times understands that he is a member of Ng’s family.
That month, Ng also bought a $183,000 Mercedes-Benz E200 AVG. The four-door used car was registered in the name of Mr Chua Eng Kiam, who is believed to be another family member.
Mr Lim testified that his sales staff had handled the transactions.
The court was also told that Ng bought a vintage Mercedes-Benz 280SL for one of his girlfriends, Ms Qian Yijun, that month.
Mr Krez Hong, a sales and operation executive at Autobahn Motors, testified that the car was bought from his company for $288,000.
The two-door car was first registered overseas in 1970, and first registered in Singapore in 1984, he said. Mr Hong said the model is quite rare, and that there are “maybe” 10 to 20 such cars in Singapore.
The trial continues on April 16.
Ng faces 108 charges of cheating, forgery, fraudulent trading, money laundering and criminal breach of trust.
The prosecution is proceeding on 42 of these charges in the current trial, which began in November 2024.
Source: The Straits Times © SPH Media Limited. Permission required for reproduction.
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