Youth in Singapore Tricked 7 Crypto Investment Friends of IDR 3.5 Billion
Navigasi - Earlier, a young man in Singapore told seven of his friends that he had profited from trading cryptocurrencies, convincing them to invest around 332,000 Singapore Dollars (Rp 3.5 billion) through him.
|Youth in Singapore Tricked 7 Crypto Investment Friends of IDR 3.5 Billion|
Instead of investing, he uses the money to buy items in online games, which he then resells for a profit. He then paid back around 82,000 Singapore Dollars or equivalent to Rp. 877.2 million to his friends.
The young man, who is now 20 years old, pleaded guilty to three of the charges. Four other similar charges will be considered when he returns to serve his sentence next week.
The young man cannot be named because he was under 18 when he committed the offense and is protected under the Children and Young People Act.
Started Since 2017
Prior to 2017, the young man found a way to profit from buying and selling in-game items from games like Counter-Strike: Global Offensive.
Around November 2017, when the young man was 16 years old, he decided to increase his profits by selling higher value goods, but did not have enough money to buy them.
"He wanted to approach his friends for money, but knew they wouldn't help him if they were told the money was for buying in-game items," Deputy Public Prosecutor Cheng You Duen said, quoted by Channel News Asia, Friday, August 19. 2022, written Sunday, August 21, 2022.
Therefore the young man lied to his friends about investing in various commodities such as forex and cryptocurrencies, and offered to invest on their behalf.
He lied about profiting from Bitcoin trading and guaranteeing steady returns to his friends if they invested through him.
One of the youth's victims was his 17-year-old classmate who was tricked into sending more than 188,000 Singapore Dollars between January and August 2018.
Then between April and August 2018, this classmate received over 40,000 Singapore Dollars from the young man, as a result of his investment. The victim finally made a police report in October 2018 and said he had invested a large amount of money with the young man but had not yet received his return.