S$32,000 'cryptocurrency deal': S'pore police arrest 3 men, aged 20-29, for attempted robbery with hurt in Hougang

The Singapore police have arrested three men, aged between 20 and 29, for their suspected involvement in a case of attempted robbery with hurt.

The police said in a Sep. 5 release that they were alerted to a case of robbery with hurt along Hougang Street 51 on Aug. 29 at about 7:55pm.

A 19-year-old male teenager was allegedly assaulted by an unknown man.

The teenager had apparently wanted to buy Tether, a cryptocurrency stablecoin also referred to as USDT. from a seller in an offline trade carried out face-to-face, it was previously reported.

Modus operandi

Through follow-up investigations, and with the aid of surveillance and police cameras, officers from Ang Mo Kio Police Division established the identities of the three men involved and arrested them between Aug. 30 and Sep. 3, 2024.

Preliminary investigations revealed that on Aug. 29, the teenager had received an offer from a 29-year-old man, Benedict Yee Hong Fai, on Telegram to meet up, reported The Straits Times.

This is so the pair could trade cryptocurrencies for cash, amounting to about S$32,000.

Investigations also revealed that the transaction was purportedly a sham.

Yee had allegedly arranged for two other men to assault the teenager with the intention of taking his money when he turned up.

While the teenager was waiting, he was confronted by the two men and was assaulted by one of them.

The teenager managed to leave the location with his money still in his possession before the man could take the money.

Yee charged on Sep. 5

Yee was charged in court with the offence of robbery with hurt on Sep. 5, according to ST.

If convicted, he could be jailed for up to 20 years and receive at least 12 strokes of the cane.

The other two men are assisting with investigations, said the police.

Background

It was previously reported that two men, aged 20 and 21, were arrested in relation to this incident.

The victim explained to Mothership that he chose to trade cryptocurrency offline as it was cheaper saying: "It's not reasonable to lose out on the fees and everything with my trading frequency."

He explained that fees came up to 1 to 2 per cent of the total price for each buying or selling trade.

The deal was for the seller to send USDT to the victim's crypto wallet in the exchange that he is using once he handed over the cash in person.

The victim apparently managed to shake off the three men by running towards Hougang Green Shopping Mall and then back home.

Top photos via the victim