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Singapore Police Probe 2 Firms in Alleged Metal Trade Fraud

Singapore Police Probe 2 Firms in Alleged Metal Trade Fraud Bloomberg 2/20/2021 Chanyaporn Chanjaroen © Bloomberg 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. (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. Popular Searches 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.

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