After a two-year trial, Jatinder Singh has been sentenced to three years in prison for misappropriating funds mistakenly sent to him by Crypto.com. The high-profile case involved a significant error in May 2021 when the crypto exchange accidentally transferred AUD 10.5 million (approximately $6.8 million) to Singh instead of a $100 deposit he intended to make.
The mistake occurred due to a discrepancy between the names on the exchange and the bank account used by Singh’s partner, Thevamanogari Manivel. A local staff member’s accounting error led to the multimillion-dollar payout during the refund process.
Believing the funds were legitimate, Singh and Manivel transferred the money to a joint account and went on a spending spree, buying two properties in Melbourne and luxury goods, and transferring AUD 4 million to an offshore account in Malaysia.
Crypto.com discovered the mistake seven months later and attempted to recover the funds. Despite outreach efforts by the exchange and the Commonwealth Bank, the couple initially believed the communications were scams. Authorities arrested Manivel in March 2022 as she was preparing to fly to Malaysia, and Singh was arrested shortly after.
