Singapore Police Probe 2 Firms in Alleged Metal Investment Fraud

Chanyaporn Chanjaroen, Bloomberg News

The Merlion Statue stands in a near-empty Merlion Park during the "circuit breaker" lockdown in Singapore, on Wednesday, May 20, 2020. Singapore will allow more businesses to reopen on June 2 -- increasing the active proportion of the economy to three-quarters -- after a nationwide lockdown cut transmission of the coronavirus among citizens and permanent residents. Photographer: Lauryn Ishak/Bloomberg , Bloomberg

(Bloomberg) -- Singapore’s Commercial Affairs Department, a police unit for financial crime, is investigating two companies for alleged fraud related to a nickel investment scheme.

Envy Asset Management Pte. and Envy Global Trading Pte. are suspected of using investors’ funds to finance trading activities in the metal, the police said in a news release dated Friday. A 34-year-old director of both companies was arrested for suspected cheating, according to the police.

Envy Asset Management has been on the Investor Alert List of the Monetary Authority of Singapore since March 2020.

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Singapore Police Probe 2 Firms in Alleged Metal Investment Fraud

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