Categories: Crypto News

20-Year Old Arrested for Misleading Friends in $240k Crypto Investment

A 20-year-old male in Singapore has been arrested and charged for allegedly misusing the $240,000 he collected from his schoolmates instead of investing it in crypto.

Young Lads Tricks Schoolmates

According to local reports, the accused, who usually played computer games, found out some years back that he could sell in-game items for real money. Then in late 2017, he wanted to increase his profits by selling higher-value items but did not have enough money to buy them. He then approached his school friends for the needed funds.

Instead of telling his friends why he needed the funds, he tricked them because they would refuse to give him the money if he told them the real purpose for the funds.

According to the deputy public prosecutor in charge of the case, the boy told seven of his schoolmates that he had made profits from investing in cryptocurrencies. He added that they could also gain from crypto if they invested through him. Convinced, his friends reportedly gave the accused the funds. 

Over $200K Spent on Games

The report noted that one of the friends gave the then 16-year-old boy S$188K (approximately $85K) between January and August 2018. Another schoolmate gave him about S$106K (almost $77K) between May to August 2018. Overall, the boy received a total amount of S$332K (over $240K) from his mates. 

But instead of investing in cryptocurrencies as promised, he allegedly used the capital to purchase online gaming items, which he sold for profit. It seems the event did not go as planned as the accused could only return S$82K (over $59K) to his friends.

Some of the victims reportedly contacted the Singapore police force, which led to the accused’s arrest.

In a Tuesday court hearing, the now 20-year-old male pleaded guilty to three cheating charges. Although a verdict has not been given, the judge in charge of the case has reportedly ordered an assessment of the accused’s suitability for probation and reformative training, punishments that are meant for younger offenders.

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