The Police have arrested two men, both aged 34-year-old, between 24 May and 25 May 2021 for their suspected involvement in a cheating case involving cryptocurrency.
On 24 May 2021, the Police received a report from a victim who informed that he purportedly handed $300,000 in cash to one of the men to buy cryptocurrency. The victim was supposed to receive a $300,000 equivalent of cryptocurrency from the men in his cryptocurrency electronic wallet but he did not receive it.
Through investigations, officers from Central Police Division established the identities of the two men and arrested them within 24 hours. The Police recovered and seized cash amounting to $80,000 from one of the men. Investigations are ongoing.
Anyone found guilty for the offence of cheating under Section 420 of the Penal Code, Chapter 224 carries an imprisonment term up to 10 years and be liable to a fine.
The Police have zero tolerance towards such criminal acts. The Police will not hesitate to take action against those who blatantly disregard the law.
For more information on scams, members of the public can visit scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Anyone with information on such scams may call the Police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.
Seized cash
SINGAPORE POLICE FORCE
26 May 2021 @ 2:30 PM