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.

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

Envy Global Trading said in an email that it is cooperating with authorities, and in the process of appointing an independent auditor to look into the matter. None of its employees are in police custody, it said.

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“The local bank accounts of Envy Global Trading and Envy Asset Management have been frozen by authorities and customer funds are fully protected,” the company said. Customers have been informed of the current investigations, it said.

Envy Global Trading specialises in physical and futures trading of nickel, and is wholly-owned by the Envy Group. Envy Asset Management, its precursor, is no longer active, Envy Global said.