Woman allegedly misappropriates $5.65 million in crypto, buys Mercedes and designer accessories

A woman was arrested after she was alleged to have misappropriated US$4.2 million (S$5.65 million) worth of United States Dollar Tether (USDT), which is a form of cryptocurrency.

The police said they received a report on Feb 28 last year that the sum of cryptocurrency belonging to a company was discovered to have been misappropriated by an employee between May and August 2022 into cryptocurrency accounts allegedly belonging to the woman.

Through follow-up investigations, officers from Bedok Police Division established the identity of the 31-year-old woman and arrested her for cheating and money-laundering.

Investigations revealed that she had used the money for various purchases. A pair of slippers, a pair of sunglasses, a bag and a Mercedes Benz car were seized as proceeds of crime.

She was to be charged on Feb 28, 2024, for the following offences:

  • The offence of cheating, which carries an imprisonment term of up to 10 years and a fine.
  • For converts of transfers under the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act, the offence carries an imprisonment term of up to 10 years, a fine of up to $500,000, or both.
  • The offence of furnishing false information, which carries an imprisonment term of up to three years, a fine of $1,000, or both.