Four people arrested for cryptocurrency fraud in Singapore

The law enforcers issued a statement and advised investors to contact the police online

21.02.2022 - 12:40

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What’s new? Singapore’s law enforcers have arrested four men for organizing a deceptive strategy related to a cryptocurrency mining investment scheme. The Commercial Affairs Department is currently investigating the company’s activities for fraud, a police statement says.

Information on The Star Times’s website

What do law enforcers say? The police warned that the investors associated with the company should not make further payments to facilitate the return of their funds. The scheme, which allegedly had a fixed daily yield of 0,5%, was one of several offered by A&A Blockchain Technology Innovation.

“Anyone who has invested with A&A Blockchain Technology Innovation is advised to lodge a police report. The offense of cheating carries an imprisonment term that may extend to 10 years and a fine.”

What can the defrauded investors do? The law enforcers issued the statement and advised investors to contact the police online. In the application, they need to provide the name and contact details of the representative of the company they dealt with. A copy of documents related to the investment should be submitted along with the report. After receiving applications from the victims, the law enforcers will be able to fully investigate the case.

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