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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