SINGAPORE – In a gripping courtroom testimony on April 1, former Envy companies Executive Director Lau Lee Sheng emotionally revealed how his entire world collapsed after his family invested over $40 million in a decapitating nickel-trading scheme.

His sobbing statement left many stunned as he recounted the devastation inflicted on his family following the alleged con orchestrated by 37-year-old Ng Yu Zhi, who stands trial accused of running this massive fraud operation.

Ng Yu Zhi faces a staggering 108 charges, encompassing allegations of cheating, forgery, criminal breach of trust, money laundering, and fraudulent trading.

The high-profile trial, which is currently delving into 42 of these charges, seeks to unlock the dark web of deceit that lured a shocking $1.46 billion from nearly 1,000 unsuspecting investors through his firms, Envy Asset Management and Envy Global Trading.

Mr. Lau, a childhood acquaintance of Ng and a primary investor in the scheme, disclosed that he himself sank $26 million into the scam while his father contributed an estimated $15 to $16 million.

The repercussions of this catastrophic event are felt profoundly; Lau’s mother, who invested $500,000—her life savings—has faced serious health issues following the family’s financial ruin, culminating in a heartbreaking Stage 4 cancer diagnosis just a year later.

While the courtroom was silent, Mr. Lau bravely spoke of the emotional toll, revealing that his mother, clutching onto the pain in silence, initially did not disclose her symptoms amidst the turmoil.

Despite her diagnosis, he expressed hope as he described her as 'going on strong.'

Complicating matters for Mr. Lau, liquidators representing the Envy companies are pursuing him for more than $17 million, a sum attributed to commissions earned during his tenure.

He strongly asserted that he is a 'non-complicit' employee, warning that a successful claim against him could lead to his bankruptcy.

The investigation has uncovered that Ng allegedly siphoned off investors' funds to finance a lavish lifestyle, promising returns by purchasing nickel at discounted rates from an Australian mining company.

However, prosecutors contend that no nickel transactions ever occurred; instead, the scheme relied on a classic ponzi structure, paying older investors with funds deposited by newer investors.

The shady scheme, which started in February 2016 through Envy Asset Management, quickly transitioned to Envy Global Trading after the former fell under the scrutiny of the Monetary Authority of Singapore in March 2020.

This alarming change in structure seems to have escalated the fraudulent activities.

Mr. Lau’s relationship with Ng, which began with a fortunate investment in an oil and gas company that yielded lucrative returns, gradually soured.

By late 2018, as he grew increasingly concerned about the nickel operation, he started questioning Ng’s assurances.

Text messages exchanged in court painted a picture of desperation as Mr. Lau sought clarity while being subtly manipulated by Ng, who tried to guilt-trip him into trusting him amidst growing suspicions.

Witnesses were captivated by Mr. Lau’s bravery on the stand as he confronted his past decisions and wrestled with the repercussions of Ng’s alleged betrayal.

Mr. Lau's sincere performance—and the tragic backdrop of his family's story—has captivated public attention, spotlighting the harrowing impact of financial fraud.

As the trial continues on April 2, the unfolding drama serves as a chilling reminder of the potential perils of investment schemes and the need for vigilance in the financial sector.

Will justice prevail for Mr. Lau and the hundreds of other victims, or will this shocking tale of deception end in more heartbreak? Stay tuned!