**Title:** Envy Group Directors Held Liable for $654 Million Fraud
**Meta Description:** Two former directors of Envy Group are responsible for $654 million lost in a nickel-trading Ponzi scheme, as ruled by Singapore’s High Court.
**URL Slug:** envy-group-directors-liable-nickel-trading-fraud
**Headline:** High Court Rules Former Envy Group Directors Liable for Massive Fraud
In a landmark ruling, Singapore’s High Court has determined that two former directors of the now-defunct Envy Group of companies are liable for up to $654 million in losses incurred during a nickel-trading scam and the largest Ponzi scheme in Singapore’s history. The court’s decision, published on Tuesday, holds Lee Si Ye, a former director and shareholder of Envy, accountable for the entire amount, which includes S$593 million (approximately $461 million), $192.2 million, and 880,000 euros (around $1 million). Ju Xiao, another former director and head of trading, is found liable for up to 40% of the total losses.
Ng Yu Zhi, identified as the “apparent protagonist and mastermind” behind the Ponzi scheme, was not included in the proceedings due to his prior bankruptcy status. Ng, who controlled 80% to 90% of the Envy companies, was arrested in 2021, drawing significant media attention due to his extravagant lifestyle funded by nearly S$1.5 billion raised from numerous clients, including prominent lawyers. Reports indicated that he spent hundreds of millions on luxury items such as mansions, high-end cars, and jewelry.
Judicial Commissioner Mohamed Faizal expressed the gravity of the situation, stating, “The outcome was a truly shocking one: a billion-dollar fraud perpetuated on all and sundry, from the common man on the street to sophisticated investors who were seduced by the apparent attractive returns.”
Liquidators for Envy Global Trading, Envy Asset Management, and Envy Management Holdings are actively seeking to recover funds for investors. The Envy Group had promoted investments in nickel trading, claiming average quarterly returns of 15%, a claim the prosecution described as “pure fiction.” Ng has been in remand since January 31, 2024. Additionally, Cheong Ming Feng, an administrative executive at Envy, has been held liable for S$1.9 million, minus his salary and pension contributions.
This ruling marks a significant moment in Singapore’s financial landscape, highlighting the risks associated with investment schemes and the importance of regulatory oversight.
**FAQ Section:**
**Q: What was the Envy Group fraud about?**
A: The Envy Group fraud involved a nickel-trading Ponzi scheme that resulted in losses of up to $654 million for investors, leading to legal action against its former directors.
