Envy Global Fraud — Call for Criminal Accountability, Regulatory Oversight & Independent Liquidation Audit
The Honourable Mr. Lawrence Wong
Prime Minister of Singapore
c/o Prime Minister’s Office
c/o Ministry of Law
c/o Commercial Affairs Department
c/o Monetary Authority of Singapore
Dear Prime Minister Wong,
We write as victims and concerned citizens regarding the Envy Global fraud — one of the largest financial crimes in Singapore’s history. The scale is staggering: over S$1.45 billion, affecting more than 1,500 families across 12 nationalities. Despite the passage of more than four years, justice feels incomplete — and recent trial developments deepen our concerns.
1. This Must Be Treated as a Criminal Fraud, Not Just a Commercial Dispute
The recent development — that Mr. Ng Yu Zhi has declined to testify in his own defence — reinforces the need to treat this matter as a serious criminal conspiracy, not merely a commercial failure.
His strategic silence—after raising nearly S$1.45 billion under the pretense of nickel trading that never occurred—suggests deliberate obstruction. Without full testimony, critical questions remain about hidden networks, asset concealment, and possible accomplices. Only a criminal framework with strict legal consequences can compel full cooperation from all parties.
Yet, AGC is calling for immediate sentence by 22nd Aug 2025! Hardly anything was uncovered or made known to victims.
2. Call for Investigation and Prosecution of Ms. Rhiya Lee and David Ju Xiao.
Ms. Rhiya Lee, a director of Envy Global, was present at investor meetings with Mr. Ng, signed critical documentation, and (according to her husband) received S$26 million. Yet she maintains she was unaware of the fraud, and no charges have been brought against her.
In light of Ng’s refusal to testify, her role becomes even more critical. We respectfully urge the Attorney‑General’s Chambers and CAD to re-examine Ms. Lee’s involvement and pursue charges where warranted. Justice must not only be done, but be seen to be done.
David Ju Xiao was a China Chinese turned Singaporean and a director of Envy Global Trading Pte Ltd. He was said to be behind many ideas like involving Raffemet Pte Ltd, a Chinese related company. He offered a restitution of US$1.5m to KPMG through his lawyers in late 2022 but withdrew his offer. Where is he now? Why is he scott free?
It defies belief that a fraud of this scale — involving over S$1.45 billion, hundreds of investor agreements, falsified trades, and international fund flows — could have been executed by a single individual without assistance, knowledge or willful blindness from others.
While Mr. Ng stands as the face of the fraud, it is inconceivable that he acted entirely alone. Such a complex and sustained deception likely required logistical, legal, financial, and operational support. Every link in that chain must now be scrutinised.
3. Independent Government-Funded Audit to Monitor KPMG’s Liquidation Work
We appreciate that KPMG was appointed by the Courts. However, the protracted timeline, insufficient transparency, and the complexity of international asset tracing demand stronger oversight.
We request the Government to appoint an independent, government-funded audit team to review and monitor KPMG’s liquidation efforts—covering billing, asset tracing, and recovery metrics. This is not a critique of KPMG’s abilities, but a necessary measure reflecting the unprecedented scale and public stakes.
4. Clarification on MAS’s Role and Restitution Strategy
While MAS traditionally does not intervene in private investment fraud, the systemic reach of this case changes the calculus. We ask MAS to:
•Clarify its oversight authority in fraudulent schemes of this magnitude
•Collaborate with CAD to coordinate restitution strategy, including tracing of digital assets allegedly held by Mr. Ng
•Provide guidance or frameworks fo cross-border and crypto-related asset recovery
MAS acted swiftly in the 2023 Chinese-linked money laundering case, freezing S$3 billion in assets and charging offenders within weeks   . By contrast, Envy has dragged on since 2021. Such disparity undermines confidence and demands explanation.
5. Sentencing Benchmarks: Asia Brewery / Chia Teck Leng
Complexity of sentencing in fraud cases is well established. In the earlier Asia Brewery commercial fraud case, involving much smaller sums, the mastermind—Chia Teck Leng—was sentenced to 42 years’ imprisonment, the longest ever for commercial fraud in Singapore .
This precedent highlights the gravity with which white-collar crime is treated here. For Envy—a S$1.45 billion fraud—victims seek assurance that the punishment will be proportionate, non-negotiable, and unimpeded by deals that impinge restitution.
Conclusion
Prime Minister, this is more than a financial loss; it is a test of our justice system, regulatory rigor, and public trust. We respectfully request your leadership to:
•Treat Envy as a serious criminal fraud, with full legal implication
•Pursue all responsible parties, including Ms. Rhiya Lee and David Ju Xiao
•Institute independent oversight of the liquidation process
•Clarify and strengthen MAS’s role in large-scale fraud cases
Victims stand ready to provide documentation and support. We sincerely hope the Government will take decisive action to restore confidence, accountability, and justice.
Yours sincerely,
Envy Investors Committee
(On behalf of affected parties in the Envy Global Fraud)
Investors.egt@gmail.com Contact the author of the petition