By
Bena Ilyas
April 23rd, 2024
The couple purchased 4 real estate properties and also sent 4 million AUD to Malaysian bank.
Melbourne-based couple who accidentally got $10.5 million shall be facing a plea trial in October amid theft charges for spending all the funds that were mistakenly sent by Crypto.com.
In May 2021, Thevamanogari Manivel initiated a fund transfer to her partner Jatinder Singh’s Crypto.com account. However, the exchange identified a discrepancy between the bank account and the exchange account. As a result, a refund was initiated, but instead of returning the intended 100 AU$ that the couple attempted to deposit, the exchange inadvertently transferred a staggering 10.5 million AU$ to Manivel’s bank account.
The mistake remained undetected until the exchange conducted its annual audit in December 2021. Subsequently, the exchange initiated legal proceedings in the Victoria Supreme Court, resulting in a judgment that mandated the return of the funds to the cryptocurrency trading platform.
But before Crypto.com could discover this mistake, the couple was already on a spending spree. Reportedly, the Australian couple bought four houses, vehicles, and other items. One of the houses is a five-bedroom property worth 1.35 million AUD, in Craigieburn. The court has ordered to sell this property and refund the funds. Besides, the couple also sent a massive 4 million AUD to a Malaysian bank account.
Couple Charged with Theft
During last year’s court hearing in October 2022, the couple argued that they thought they had won a prize from the crypto exchange. Singh also claimed to have received a notification from Crypto.com regarding a competition.
But as per Crypto.com compliance officer Michi Chan Fores, no such competition existed. Fores also stated that the exchange hasn’t sent any such notifications to its users. Manivel, initially charged with theft, recently entered a guilty plea for recklessly dealing with the proceeds of crime in September 2023. She received an 18-month community corrections order, encompassing six months of rigorous compliance and unpaid community service, taking into account her 209 days in custody. In contrast, Singh is scheduled for a plea trial on October 23.
This has been one of the classic cases of crypto theft. However, the vigilance maintained by Crypto.com has helped them uncover the truth in the matter. Crypto.com continues to make moves to expand its footprint in the global market. In July, it secured a license from the Dutch central bank for offering crypto services.