The trial of businessman Ng Yu Zhi began in Singapore’s High Court, as he is accused of operating a SG$1.46 billion (around US$1 billion) nickel investment scheme through his companies, Envy Asset Management and Envy Global Trading.

One of the proceeded charges is related to Finian Tan, a venture capitalist known for Vickers Venture Partners. Ng is accused of cheating Tan into delivering US$19.2 million to Envy Global Trading between 2020 and 2021.

Ng allegedly misled investors with promises of 15% returns on non-existent nickel trading deals, defrauding them. He is facing 108 charges, with 105 related to the alleged scheme.