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Singapore police probe two firms in alleged metal trade fraud

Bloomberg
Bloomberg2/22/2021 10:32 AM GMT+08  • 2 min read
Singapore police probe two firms in alleged metal trade fraud
Singapore’s Commercial Affairs Department is investigating two companies for alleged fraud related to a nickel investment scheme.
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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 and Envy Global Trading 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.

“Investigations arose due to suspicion that investor monies were misused,” according to the police.

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