A customer of cryptocurrency platform, Crypto.com, who accidentally received $10.5 million worth of digital assets has been granted bail. The individual’s partner allegedly helped transfer the funds to other accounts before authorities intervened. The case highlights the importance of accuracy and caution when dealing with cryptocurrency transactions. Despite the significant mistake, the customer has been released on bail while the investigation continues. This incident should serve as a reminder to all cryptocurrency investors to double-check their transactions before finalizing them.
Partner of Melbourne Woman in Crypto.com Million-Dollar Mistake Granted Bail by Court
Jatinder Singh, the partner of Thevamanogari Manivel, a Melbourne woman who received $10.5 million mistakenly from digital asset exchange Crypto.com, has been granted bail by the Victorian County Court. The incident occurred in May 2021, with Crypto.com discovering it seven months later during an audit in December. Crypto.com then contacted Manivel in February 2022 to request a refund. However, she had already transferred $10.1 million to a joint account with Singh.
Senior Constable Conor Healy argued that roughly $7 million had been recovered and Singh could flee with the outstanding balance. But Judge Daniel Holding insisted on granting bail, noting that the bail conditions would require Singh to surrender his passport. While authorities have recovered $7.3 million, $3.1 million remains outstanding, with $2.2 million still in the offshore account.
Manivel spent a significant sum on art, gifts, vehicles, and furniture. Eventually, Manivel transferred $4 million to an offshore account under her name and $1 million to an account under Singh’s name. Both Manivel and Singh pleaded not guilty to several charges brought against them, with the former bailed at the committal hearing while the latter remained in custody.
Crypto.com commenced a legal battle against Manivel seeking a return of the funds spent. During the court hearing, Manivel claimed Singh told her he won the money in a Crypto.com contest, and hence, the failure to return the funds. Despite opposition from Constable Healy and Prosecutor Peter Botros, who argued that it was easier for Singh to flee Australia as he had no job, stable residence, or family before his arrest, the judge ruled in favor of the bail.
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