Singapore Police Probe 2 Firms in Alleged Metal Trade Fraud
- Envy Global says it is appointing an independent auditor
- Envy Global says customer funds are ‘fully protected’
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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, according to the police.