Singapore Court Holds Envy Group Directors Liable for Rs 5,470 Crore Fraud
Singapore’s High Court has declared two former directors of Envy Group responsible for one of the largest Ponzi schemes in the country’s history. Lee Si Ye, ex-director and shareholder of the now-insolvent group, is liable for losses totalling ₹5,470 crore ($654 million). His co-director, Ju Xiao, is liable for up to 40% of that total. The court’s decision follows a high-profile investigation into Envy Group’s nickel-trading investment scheme, which promised attractive returns but was ultimately deemed a sham. Ng Yu Zhi, the founder and controlling force behind the Envy companies, was excluded from the trial due to his bankruptcy status. The scheme, which allegedly misled hundreds of investors, raised nearly S ₹9,230 crore ($1.5 billion) from clients by promoting quarterly returns of 15% on nickel trades. The liquidators of Envy Global Trading, Envy Asset Management, and Envy Management Holdings filed a civil suit to recover investor funds. The High Court found that Lee and Ju played active roles in concealing the fraudulent nature of the investment schemes and misleading clients.
