On Monday, the Monetary Authority of Singapore ((MAS)) said in a statement that the Monetary Authority of Singapore was conducting a supervisory review of Envysion Wealth Management because two other companies were suspected of nickel trading fraud.
The move comes after the police announced an investigation into Envy Global Trading and Envy Asset Management last month on suspicion of raising money from investors to finance nickel deals.
A regulatory statement said, Envy Global Trading and Envy Asset Management director Ng Yu Zhi were accused of deceiving Envy Wealth Management and its founder and CEO Shim Wai Han of at least S $48 million (US $35.8 million).
The statement said the regulatory review was to find out whether the board and senior management of Envy Wealth Management, a fund management company with a MAS license, had made mistakes in governance or risk management.
MAS said it had instructed Envy Wealth Management to stop accepting new funds to invest in Envy Global Trading's nickel trading scheme and to designate an independent third party to oversee all transactions in the fund's bank account.
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