A Melbourne man accused of going on a $7 million spending spree after accidentally receiving the sum from Crypto.com has been granted bail in Australia.
The decision was made by the Victorian County Court, which ruled that imprisonment wasn’t necessary because Jatinder Singh couldn’t flee the country without his Indian passport.
The case, which has attracted significant attention, saw a Crypto.com employee accidentally transfer $6.95 million to Singh’s account instead of issuing a $100 refund in May 2021. Singh allegedly used the funds to purchase four houses and a car and sent a portion of the money overseas.
While Singh has been granted bail, $2 million of the funds he is accused of spending remains unaccounted for, with prosecutors arguing that he poses a flight risk. Of this missing amount, over $1.45 million is believed to have been sent offshore to Malaysia.
Despite these concerns, Judge Daniel Holding ruled that Singh’s Indian passport could be confiscated, and he could be prevented from applying for a new one at the Indian Embassy, stating that this would be sufficient to prevent him from fleeing the country.
Singh is facing theft charges alongside his partner, Thevamanogari Manivel, who owns the bank account to which the funds were transferred. The pair pleaded not guilty to the charges, claiming they rightfully won the $7 million through a Crypto.com contest.
The incident occurred in May 2021 but was only discovered during an annual audit in December 2021.
Since then, Crypto.com has launched civil action in the Victorian Supreme Court to recover the losses, with the court ruling that the funds must be returned to the company.
The case has raised significant legal questions.
Despite $2 million of the funds still unaccounted for, Singh has been granted bail due to the judge’s ruling that he poses no flight risk without his Indian passport.
The case continues, with Crypto.com seeking to recover the losses through civil action in the Victorian Supreme Court.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.