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Two men, both aged 34, were arrested on May 24 and 25 for their suspected involvement in a cheating case involving cryptocurrency.
The police said in a statement that they received a report from a victim on May 24 that he had purportedly handed $300,000 in cash to one of the men to buy cryptocurrency.
The victim was supposed to receive $300,000 worth of cryptocurrency from the men in his electronic wallet but he did not receive it.
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.
The offence of cheating carries a jail term of up to 10 years and a fine.
The police said they have zero tolerance towards such criminal acts.
"The police will not hesitate to take action against those who blatantly disregard the law," the statement added.
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.