TMTPOST -- A Singapore businessman who persuaded investors to pour a total of S$1.5 billion ($1.1 billion) into a nickel trading scheme funneled nearly a third of that amount into his personal accounts, prosecutors revealed at the beginning of his trial. Ng Yu Zhi, a former accountant, faces 42 charges including fraud, forgery, and money laundering. He is accused of misleading investors in his Envy Group, promising them profits from physical nickel trades through discounted metal purchases from an Australian mine. However, the prosecution described the scheme as "pure fiction." In reality, no nickel was ever purchased, and no agreement existed with the mine, nor were there any forward contracts for the sale of the metal. Prosecutors stated that "the Envy companies paid earlier investors not with profits from physical nickel trading, but with the funds invested by other participants." Over a six-year period, Ng's companies took money from 947 investors, including many prominent figures in Singapore, misappropriating nearly S$482 million to fund his lavish lifestyle, including art, jewelry, and luxury cars.