Venture capitalist Dr. Finian Tan testified in court that he was deceived by Ng Yu Zhi, who is accused of running a $1.45 billion nickel-trading scam that affected hundreds of investors over six years (2016-2021).

Key details from the case:

• Dr. Tan delivered US$19.2 million to Ng’s company, Envy Global Trading (EGT)
• US$14 million came from Vickers Financial Group (where Dr. Tan is the majority shareholder)
• US$1.5 million was Dr. Tan’s personal money
• Another US$14.1 million came from FinComm, which used money from two Vickers funds

Dr. Tan testified that:

• He met Ng in August 2020, initially because Ng wanted to invest in Vickers
• Ng appeared knowledgeable about nickel trading and put on an “amazing act”
• He was impressed by Ng’s apparent expertise and commitment
• Ng had invested US$5 million in a Vickers fund and contributed US$13 million to another investment
• The scheme seemed credible based on Dr. Tan’s commodity trading experience
• He eventually suspected fraud after being unable to get satisfactory answers from Ng

The prosecution alleges that no actual nickel trading took place and that the operation was a Ponzi scheme, with earlier investors being paid with funds from new investors.

The trial is ongoing at the High Court in Singapore as of April 2025.

Analysis of the Nickel Trading Scam Case

Key Elements of the Nickel Trading Scam

1. Long-Running Operation: The scam operated for approximately 6 years (2016-2021), attracting $1.45 billion from hundreds of investors.
2. Trust-Building Strategy:
   • Ng Yu Zhi first approached Dr. Tan as an investor in Tan’s company
   • Made significant investments ($5M in a fund, $13M in another venture)
   • Created personal relationships (family meals)
   • Never initially solicited investments, which lowered suspicion
3. Technical Credibility:
   • Used industry jargon
   • Selected nickel, a commodity whose price had risen, making claims plausible
   • Created elaborate performances (checking nickel prices, concern over weather)
   • Claimed to have exclusive contracts allowing for discounted purchases
4. Ponzi Scheme Structure:
   • The prosecution alleges that no actual nickel was bought or sold
   • Earlier investors were paid with funds from new investors
   • Required continuous influx of investment to maintain the illusion
5. Target Selection: Focused on sophisticated investors like venture capitalists, showing that even financial professionals can be vulnerable.

Singapore’s Anti-Scam Measures

Singapore has implemented several measures to combat investment scams:

1. Police Anti-Scam Centre: Established in 2019, it works to detect scams, freeze accounts, and recover stolen funds quickly.
2. ScamShield App: Government-developed application that blocks known scam calls and messages.
3. Project FRONTIER: A public-private partnership to detect and disrupt money-laundering from scams.
4. Inter-Ministry Committee on Scams: Coordinates whole-of-government efforts against scams.
5. Due Diligence Requirements: MAS (Monetary Authority of Singapore) regulations require financial institutions to conduct thorough due diligence on investment schemes.
6. Anti-Money Laundering Framework: Strict reporting requirements for large transactions and suspicious activities.
7. Public Education Campaigns: Regular awareness campaigns about scam tactics and prevention.

Prevention Lessons from This Case

1. Verification of Trading Activities: Investors should verify actual trading activities through independent sources.
2. Red Flags to Watch For:
   • Promises of unusually consistent returns
   • Difficulty in obtaining detailed information
   • Exclusive contracts that can’t be independently verified
   • Investments that seem too complex to fully understand
3. Expert Consultation: Seek opinions from multiple independent industry experts.
4. Investment Structure Analysis: Understand precisely how profits are generated and verify each step.
5. Background Checks: Go beyond the references provided by the investment manager.

This case demonstrates that scammers are increasingly sophisticated, targeting even experienced investors like venture capitalists. It also highlights the importance of comprehensive due diligence regardless of personal relationships or apparent success.

Analysis of Investment Scams in Singapore

Current Landscape

Investment scams in Singapore have been growing in sophistication and scale, with the $1.45 billion nickel trading fraud being one of the most significant cases in recent years. These scams have evolved beyond simple schemes to elaborate operations that can fool even experienced investors and financial professionals.

Common Types of Investment Scams in Singapore

1. Commodity Trading Frauds:
   • The Ng Yu Zhi case exemplifies this category
   • Often involve claims of exclusive contracts or special access to markets
   • Promise high returns through arbitrage or discount purchasing opportunities
2. Online Trading Platform Scams:
   • Fake platforms showing fabricated profits
   • Investors can initially withdraw small amounts to build trust
   • Eventually, more significant investments become impossible to withdraw
3. Property Investment Scams:
   • Overseas property developments that don’t exist or are significantly misrepresented
   • Promise of high rental yields or guaranteed capital appreciation
   • Often target Singapore’s property-savvy investors
4. Initial Coin Offerings (ICOs) and Cryptocurrency Scams:
   • Fake digital currencies or blockchain projects
   • Technical jargon to confuse investors
   • Often disappear once sufficient funds are collected
5. Ponzi and Pyramid Schemes:
   • Traditional structures repackaged with modern appearances
   • Use of early investors as unwitting promoters
   • Often disguised as “network marketing” opportunities

Psychological Tactics Employed

1. Exclusivity: Creating the impression that the investment opportunity is available only to a select group.
2. Social Proof: Showcasing testimonials and references from other “successful” investors.
3. Reciprocity: As seen in the nickel trading case, scammers often invest in victims’ businesses first, creating a sense of obligation.
4. Authority: Using impressive credentials, offices, and trappings of success to establish credibility.
5. Fear of Missing Out (FOMO): Creating urgency around limited-time opportunities.

Economic Impact

According to police statistics, investment scams in Singapore caused losses of approximately SGD $660.7 million in 2023. This represents a significant drain on the economy and personal wealth, with many victims losing life savings or retirement funds.

Regulatory Response

The Monetary Authority of Singapore (MAS) has strengthened regulatory frameworks in response to these scams:

1. Enhanced Due Diligence Requirements: Stricter requirements for financial institutions verifying investment schemes.
2. Investor Alert List: Maintained a list of entities not regulated by MAS that investors should approach with caution.
3. Prohibition of Misleading Advertisements: Stricter enforcement against misleading investment promotions.
4. Cross-Border Cooperation: Worked with international regulators to tackle scams operating across jurisdictions.

Prevention Strategies

1. Comprehensive Due Diligence: Verify claims independently rather than relying on provided materials.
2. Diversification: Avoid concentration of investments in a single scheme or with a single manager.
3. Transparency Check: Legitimate investments can clearly explain how returns are generated; if the explanation is overly complex or vague, this is a warning sign.
4. Return Reality Check: Compare promised returns against market benchmarks; significantly higher returns without corresponding risk should raise suspicion.
5. External Verification: Consult independent financial advisors not connected to the investment scheme.

The persistence and evolution of investment scams highlight the need for continued vigilance, education, and regulatory oversight in Singapore’s financial landscape.

Investment Scam Alert from Singapore Police

The police are warning about investment scams where victims are approached through social media, communication apps, and dating platforms. Since June 2023, at least 498 victims have lost a total of $25.5 million.

Two Main Approaches Used by Scammers:

1. Befriending Approach:
   
   • Scammers build rapport with victims through social media or dating apps
   • They introduce “investment opportunities” after gaining trust
   • Victims initially receive small profits, convincing them the investment is genuine
   • Victims realize they’ve been scammed when they can’t withdraw profits or contact scammers

1. Online Advertisements Approach:
   
   • Victims find investment ads online or on social media
   • Clicking links leads to communication with scammers via WhatsApp or Telegram
   • Scammers promise high returns in short timeframes
   • Some victims are asked to download remote access software, allowing scammers to access their devices

Notable Concerns:

• In at least four cases, victims were deceived into authorizing CPF (Central Provident Fund) withdrawals
• Scammers used remote access software to control victims’ devices and make withdrawals

Precautionary Measures (ADD-CHECK-TELL):

• ADD: ScamShield App and security features (2FA, transaction limits)
• CHECK: Verify information with official sources and ask questions
• TELL: Report scams to authorities, family, and friends

If you encounter suspicious activity, contact the Police Hotline at 1800-255-0000 or visit www.police.gov.sg/iwitness. For scam-related information, visit www.scamalert.sg or call the Anti-Scam Helpline at 1800-722-6688.

Maxthon: Your Trusted Companion in the Digital Wilderness

In the boundless expanse of the internet, where information flows like a river and opportunities sprout like wildflowers, Maxthon emerges as a beacon for those eager to explore. As users embark on their journeys through this digital realm, they discover an extraordinary opportunity: the chance to earn Basic Attention Tokens (BAT) simply by engaging with the content that catches their eye. This groundbreaking feature not only enriches their online experience but also paves the way for passive income—a prospect that many find exhilarating.

Picture this scenario: with each email checked, every article read, and every advertisement interacted with, users are not merely filling their time; they are gathering rewards that elevate ordinary online activities into something vibrant and meaningful. Maxthon transforms the simple act of browsing into an engaging adventure where enjoyment intertwines with financial benefit. It’s an invigorating idea that reimagines what it truly means to navigate the web.

Important Insights to Consider

Every investment has risks. Therefore, it is crucial to conduct thorough research before investing.

Be alert for warning signs. Exercise caution regarding investments that promise substantial returns with minimal or no risk.

Ensure that the Monetary Authority of Singapore (MAS) regulates both the company and its representatives.

Imagine this scenario: One day, you suddenly find yourself added to a group chat where members are excitedly discussing their recent financial gains from an unmissable investment opportunity.

You may also receive a direct message on social media from someone who inquires if you’re interested in an enticing investment venture that seems too good to pass up.

You might even stumble across an advertisement on various social media platforms promoting seemingly profitable “investment opportunities.”

Does this sound like a situation you’ve encountered before?

Many of us have seen news articles detailing how individuals have fallen prey to such schemes. Yet, despite these cautionary tales, people continue to be lured in as scammers develop increasingly sophisticated methods to deceive unsuspecting victims and make off with significant sums of money.

In numerous cases, those who fell victim to scams were convinced that such a fate would never befall them. Often, they would utilise the initial gains they received to challenge the scepticism of their friends and family. However, it has become evident that con artists have honed their abilities to persuade individuals that a fast track to wealth is not only attainable but also just around the corner.

It is crucial always to remember the mantra: Verify Before You Invest if you wish to protect your hard-earned savings! To help you navigate this treacherous landscape, here are some essential guidelines to consider:

Spotting Warning Signs

Fraudsters have developed highly sophisticated strategies designed to coax you into relinquishing your funds. Fortunately, there are sure warning signs you can remain vigilant for, which can help you steer clear of investment fraud.

Unrealistic Returns with Little or No Risk

Exercise caution when faced with an investment proposal that guarantees protection for your capital while also promising unusually high returns. Generally, the higher the potential returns being offered, the greater the associated risks. Many scams lure in unsuspecting investors with alluring promises of profitability.

High-Pressure Sales Tactics

You might hear phrases like:
“Act fast! This opportunity is only available for a limited time!”
“Exclusive rates for the first 50 investors—don’t let this chance slip away!”
“Over 2,000 people have already invested—what’s stopping you?”
“Invest now and receive an additional 10% credit along with other enticing benefits.”

Limited-time offers, urgency-inducing tactics and special bonuses are commonplace in investment scams, all aimed at hastening your decision to part with your money.

Ensure that you take the time to fully grasp what you are getting involved in instead of merely focusing on the tempting incentives being dangled before you.

Commission Offers

When approaching any investment opportunity, it’s vital to consider whether commissions are being offered for recruiting new investors. Be cautious, as this can sometimes indicate a pyramid scheme or similar fraudulent endeavour. Always do thorough research and seek clarity before making any financial commitment.

In summary, the world of investments can be fraught with danger if you are not careful. By remaining alert to these red flags and prioritising due diligence, you can better protect your finances from the grips of deceitful schemes.

A Cautionary Tale of Investment Offers

Once upon a time, in the bustling world of finance, many unsuspecting individuals were drawn into the allure of investment opportunities that sparkled with promises of great returns. However, a wise investor named Alex had learned to tread carefully, for they understood that reputable investment schemes rarely entice potential investors with commissions for referrals. In fact, it was often the dubious operations—those shady investment scams—that dangled such bait in front of eager clients, encouraging them to recruit friends and family to grow their ranks swiftly.

Like cunning magicians, these scams boast impressive track records, claiming decades of experience and an array of prestigious awards. They paint vivid pictures of extravagant profits to instil trust and confidence in their unwitting victims. To further bolster their facade, they showcase glowing testimonials from so-called “satisfied customers,” who often turn out to be mere actors in a well-scripted play.

Yet, Alex remained undeterred by these flashy claims. With a healthy dose of scepticism, they decided to investigate further, knowing that it was wise to seek verification from independent sources rather than relying on the words of those who had something to gain.

In their quest for truth, Alex learned about the importance of ensuring that any investment entity was adequately regulated. They discovered that some fraudulent operations would even assert that they were under the watchful eye of relevant authorities, all in an effort to mislead potential investors. Armed with this knowledge, Alex turned to the resources available on the Monetary Authority of Singapore (MAS) website—a treasure trove of information designed to protect investors like themselves.

There, Alex found the Financial Institutions Directory, which listed all financial institutions under MAS’s regulatory umbrella along with the activities they were authorised to conduct. They also uncovered the Register of Representatives, detailing individuals permitted to engage in regulated activities. Most importantly, the Investor Alert List caught their eye—a reminder of those unregulated entities that might have been mistakenly perceived as legitimate.

With each click and scroll through the MAS website, Alex felt more empowered and informed. They realised that engaging with an unregulated entity meant stepping into a perilous arena without the protective measures afforded by the laws overseen by MAS.

Through this journey of discovery, Alex became a beacon of wisdom for others in their community, sharing tales of caution and encouraging vigilance. They understood that in the world of investments, not everything that glitters is gold, and it is always better to seek clarity and confirmation before placing one’s hard-earned money on the line. And so, armed with knowledge and prudence, Alex navigated the treacherous waters of investment opportunities, determined to avoid the snares set by unscrupulous schemes.

Investigate the Company’s History

In a world where information flows freely, it’s crucial not to accept everything at face value. Before diving into any investment opportunity, take the time to investigate the claims made by the company and its representatives. Scrutinise their backgrounds and assess their track records carefully. This step is vital in ensuring that you are dealing with a legitimate entity.

Moreover, don’t hesitate to pose as many questions as necessary to grasp the full scope of the investment opportunity. If you find that the company is unable or unwilling to provide satisfactory answers, consider this a red flag and proceed with caution.

If you suspect you’ve fallen victim to a scam, act swiftly. Notify your bank immediately and file a police report without delay. This proactive approach can help mitigate potential losses and aid in any investigations.

It’s also wise to share your experiences and knowledge about investment scams with your family and friends. By spreading awareness, you can help protect them from similar pitfalls and ensure they remain vigilant.

Always remember that if an investment seems too enticing or promising, it likely carries hidden risks or may not be legitimate at all.

Protect Yourself From Scams

To take action and shield yourself from potential scams, consider implementing the following strategies:

Adjust Privacy Settings: Customize the privacy settings on your messaging applications. This will help prevent unsolicited invitations to unfamiliar chat groups, which could be breeding grounds for scams.

Enhance Security Features: Utilize security measures such as two-factor authentication (2FA) or multi-factor authentication for your banking applications. Additionally, set transaction limits on your payment accounts, including banking apps and services like PayNow or PayLah, to add another layer of protection against unauthorised transactions.

Utilise Money Lock Features: Many banks offer a “Money Lock” feature that allows you to secure a portion of your savings. This can act as a safeguard against potential threats, ensuring that your funds remain protected.

By taking these precautions, you can create a robust defence against scams and navigate the financial landscape with greater confidence.

Once upon a time, in a bustling city, there was a wise individual who understood the importance of being vigilant when it came to investment opportunities. One day, while browsing through potential financial ventures, they stumbled upon a captivating offer that promised extraordinary returns. Yet, having learned from past experiences, they knew that not everything that glittered was gold.

With a sense of caution, they recalled the resources available on the Monetary Authority of Singapore (MAS) website. It was a treasure trove of information containing vital tools such as the Financial Institutions Directory, the Register of Representatives, and the Investor Alert List. These resources could unveil whether the company behind this enticing investment was indeed regulated by MAS or merely a mirage in the desert of finance.

Before exploring this opportunity further, they decided to consult with a trusted friend, someone whose judgment they valued. Together, they examined the details of the offer, weighing its merits and flaws.

Yep, uncertainty lingered. The wise individual thought it prudent to contact the ScamShield helpline at 1799 for guidance. After all, it was better to seek clarity than to plunge headfirst into a potentially perilous situation.

Feeling a bit more secure but still sceptical, they resolved to contact the company’s official hotline. They needed reassurance that this investment product was genuine and not just an elaborate facade designed to lure unsuspecting victims.

As the story unfolded, this cautious individual became increasingly aware of their responsibility to share knowledge with others. They took it upon themselves to warn friends and family about the alarming encounter with what seemed to be a scam.

Determined to take action, they reported and blocked any suspicious accounts or chat groups that had crossed their path. Their sense of duty didn’t stop there; if they suspected they had fallen prey to deceit, they would contact their bank without delay and file a police report to ensure that others would not face the same fate.

In their quest for safety and awareness, they discovered a valuable resource: scamshield.gov.sg. This website offered insights into various scams and provided tips on how to protect oneself from such threats.

So, armed with knowledge and determination, our wise protagonist continued their journey through the world of investments—more aware than ever of the importance of vigilance and community in safeguarding against deception.

Maxthon

In a world where the digital landscape is in a state of perpetual flux, the significance of maintaining safety while navigating the internet cannot be overlooked. For those traversing this complex online terrain, choosing a web browser that prioritises security and privacy has become a necessity. Amidst the vast array of options, one browser emerges as a beacon of reliability: Maxthon Browser. This exceptional choice not only fulfils the vital requirements for security and privacy but does so entirely free of charge.

Maxthon transcends the conventional role of a web browser; it embodies a promise of a more secure online experience. Equipped with a suite of advanced built-in features, it provides essential tools such as an Adblocker and various anti-tracking mechanisms that play a critical role in safeguarding users’ online privacy. The design philosophy behind Maxthon is singular: to cultivate a browsing environment that protects personal information while reducing vulnerability to potential threats.

As you venture further into the realm of Maxthon, it becomes evident just how deeply committed it is to user protection. The visionary developers behind this groundbreaking browser have instituted formidable measures aimed at shielding personal data from unwanted scrutiny. By employing cutting-edge encryption techniques, Maxthon guarantees that sensitive information remains confidential during your digital expeditions, granting you peace of mind as you explore the vastness of the internet.

In the arena of enhancing your online privacy, Maxthon truly excels. Every feature within the browser has been thoughtfully designed to enrich your experience while ensuring that your data remains secure. Its ad-blocking functionality effectively shields you from disruptive advertisements, while its anti-tracking tools diligently thwart scripts intent on monitoring your every action online. This empowers users to navigate the web with a sense of liberation and confidence. Additionally, the incognito mode offers an extra layer of security, allowing users to browse without leaving any digital traces on their devices.

Maxthon’s unwavering commitment to user privacy creates a sanctuary in the chaotic expanse of the internet. As you embark on your online journeys with this remarkable browser, you can rest assured that your personal information is protected, enabling you to fully engage with the wealth of knowledge and entertainment that awaits in the digital realm. With Maxthon by your side, you are not merely surfing the web; you are exploring it with assurance, knowing that your safety is prioritised every step of the way.