Man arrested for stealing S$50,000 during planned USDT transaction in Changi
A 25-year-old man has been arrested for stealing S$50,000 along New Upper Changi Road.
The incident occurred during a planned cryptocurrency exchange.
Committed theft during cryptocurrency exchange
According to the Singapore Police Force (SPF), on Sunday (21 June) at about 11.55pm, the victim arranged to meet the man to purchase USDT cryptocurrency worth S$100,000.
Source: Singapore Police Force
While preparing to hand over the cash, the man allegedly grabbed S$50,000 that had been placed on a bench and fled the scene.
Police arrested suspect and recovered S$7,450
Police officers from Bedok Police Division acted swiftly, using CCTV footage and ground enquiries to identify the suspect.
He was arrested within a day of the report.
Authorities also recovered S$7,450 of the stolen cash.
Charged in court on 24 June
The man was charged in court on 24 June under Section 379 of the Penal Code 1871.
Conviction for theft carries an imprisonment term of up to three years, a fine, or both.
Authorities emphasised that they have zero tolerance for such acts and will strictly penalise those who blatantly disregard the law.
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Featured image adapted from Singapore Police Force.
