S$1.5b nickel fraud trial: Ex-director says he invested S$26m, believing scheme was legitimate

‘World came crashing down’: Former Envy director and family invested more than $40m in nickel scam

He said his family realised “everything was a fraud“ when alleged mastermind Ng Yu Zhi was arrested. Read more at straitstimes.com.

S$1.5b nickel fraud trial: Ex-director says he invested S$26m, believing scheme was legitimate

Former Envy executive director Lau Lee Sheng testified that out of the S$200 million to S$210 million worth of assets he managed as of Feb 2021, S$26 million was his own.

'World came crashing down': Former Envy director and family invested more than $40m in nickel scam

The former executive director of the Envy companies cried on the stand on April 1 as he talked about how “the world came crashing down” on his family, who had invested more than $40 million in a nickel-trading scam. Mr Lau Lee Sheng was testifying in the ongoing trial of 37-year-old Ng Yu Zhi, the man accused of masterminding the alleged scam, which attracted $1.46 billion from investors through his companies Envy Asset Management and Envy Globa…