Man arrested for allegedly stealing $50k from victim who wanted to buy $100k in cryptocurrency

A 25-year-old man was arrested on Monday (June 22) for allegedly stealing $50,000 from a victim who had arranged to purchase US Dollar Tether (USDT) amounting to $100,000 from him.

Police stated in a news release on Tuesday night that they were alerted to the incident along New Upper Changi Road at 11.55pm on Sunday.

Preliminary investigations revealed that the victim was preparing to hand over cash in exchange for the cryptocurrency and had placed a portion of it on the bench. 

The 25-year-old then grabbed the money and fled the scene.

Officers from Bedok Police Division identified the man through ground enquiries and with the aid of images from police cameras and closed circuit television (CCTV).

He was arrested within a day of the report and cash amounting to $7,450 was recovered.

The man will be charged in court on Wednesday for theft, an offence which carries a jail term of up to three years, a fine, or both.

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