Crypto.com’s alleged $10 million shopper is bailed

The Crypto.com customer who was transferred $10.4 million in error from the exchange in 2021 and then reportedly went on a spending spree has been released on bond despite $3.1 million still being unaccounted for.

On March 20, before the Melbourne County Court, prosecutors attempted to persuade the judge that Jatinder Singh’s detention was the only way to assure that he would not flee the country.

In May 2021, a Bulgarian-based employee of Crypto.com mistakenly sent $10.4 million to his account instead of the $100 refund he was supposed to receive. The accused is believed to have used the money to purchase four houses and a vehicle, in addition to sending a portion of the money abroad.

According to a story from the Herald Sun, prosecutors said that Singh is financially motivated to depart the nation because just $7.3 million has been collected.

The court heard that approximately $2 million of the missing $3.1 million is believed to have been transferred offshore to Malaysia.

Senior Constable Conor Healy told the judge that Singh “may have access to the unrecovered funds,” while prosecutor Peter Botros claimed that Singh posed an “unacceptable” flight risk because he was living without a visa, had no relatives in Australia, and was unemployed at the time of his arrest.

But Judge Daniel Holding did not believe this was sufficient to imprison Singh. Instead, he stated that seizing Singh’s Indian passport and stopping him from seeking a replacement at the Indian Embassy would suffice:

“If there is a condition that he not have a passport or he not apply for a passport … how does he manage to flee the country?”

Singh and his companion, Thevamanogari Manivel, who is the owner of the bank account to which the cash was transferred, are charged with stealing.

The defendants entered not-guilty pleas. They continue to assert that they legitimately won $10,400,000 in a Crypto.com contest.

Although the incident occurred in May 2021, it was not noticed until a December 2021 yearly audit.

The Singaporean cryptocurrency exchange has since filed a lawsuit in the Supreme Court of Victoria to recover the damages.

The Victoria Supreme Court ordered that the money must be returned to the corporation following a lawsuit.