SINGAPORE: A 31-year-old woman has been arrested after US$4.2 million in cryptocurrency was allegedly misappropriated.
She will be charged in court on Wednesday (Feb 28) for cheating and suspected involvement in money laundering activities, the police said in a news release late on Tuesday.
The police said that they received a report on Feb 28 last year after US$4.2 million worth of United States Dollar Tether (USDT) belonging to a company was purportedly misappropriated by an employee.
The sum was said to have been misappropriated between May and August 2022 into cryptocurrency accounts allegedly belonging to the woman.
The police subsequently established the woman’s identity through follow-up investigations. It was found that she had transferred the alleged sum to her cryptocurrency wallets and used it for various purchases.
Images of the purchases provided by the police show a pair of white slippers, accessories such as a bag and sunglasses, as well as a black car that appeared to be a Mercedes.
The items were seized as proceeds of crime, the police added.
The woman will be charged with the offence of cheating, furnishing false information and offences of converts of transfers under the Corruption, Drug Trafficking, and Other Serious Crimes Act (CDSA).
If found guilty of cheating, she faces up to 10 years in jail and a fine.
Those found guilty of furnishing false information face a jail term of up to three years, a fine of S$1,000 or both.
For converts of transfers under the CDSA, the offence carries an imprisonment term of up to 10 years, a fine of up to S$500,000, or both.