S'porean man, 63, kept S$125,000 mistakenly transferred to his account, had intended to pay it back but lost 'quite a bit' in crypto

A 63-year-old Singaporean man admitted to misappropriating S$125,000 mistakenly transferred into his bank account, instead of taking steps to return the money to its rightful owner.

Loo Liew Ting pleaded guilty on Mar. 25, according to CNA, to one charge of dishonest misappropriation and one charge under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act for concealing benefits derived from criminal conduct.

A third charge involving the removal of RM20,000 (S$6,060) in cash from Singapore to Malaysia will also be taken into consideration.

Victim accidentally sent money

The victim, a 55-year-old Singaporean man, had intended to transfer S$125,000 from his Maybank account to another DBS account on Jul. 11, 2024.

However, he accidentally selected a different recipient, resulting in the money being sent to Loo’s POSB account instead, according to court documents seen by Mothership.

After realising the error, the victim alerted both the police and the banks involved, which later tried contacting Loo. He did not respond.

Investigators said Loo knew the money did not belong to him and that it had not been intentionally sent to him, but he neither returned the funds nor contacted the bank to clarify the transfer.

Instead, Loo moved and spent the money over the following weeks.

Moved money across 3 accounts

He withdrew S$40,000 in cash from his POSB account, transferred S$103,000 to a Citibank account under his name, and made several additional transfers between his POSB, Citibank and OCBC accounts.

He also withdrew S$25,000 in cash from his Citibank account and deposited S$8,400 into his OCBC account as part of the series of transactions, according to court documents.

The prosecution said these transactions, carried out between Jul. 12 and Sep. 21, 2024, amounted to attempts to conceal the origin of the funds.

No restitution made

During investigations in May 2025, Loo told officers he had about US$85,000 (S$109,000) in investments and expected to be able to compensate the victim by November or December that year.

However, no restitution was made.

In court, Deputy Public Prosecutor Jordy Kay sought between 15 and 17 months’ jail, while defence lawyer Teo Choo Kee argued for a 12-month sentence, saying a longer term would be excessive given his client’s clean record.

The defence also argued against a compensation order, saying Loo no longer had the means to repay the sum.

Teo told the court that his client had intended to make restitution, but “lost quite a bit of money in the cryptocurrency trade", as reported by CNA.

District Judge Kelly Ho questioned why restitution had not been prioritised if Loo previously had the means to repay, remarking that this was "not something in his favour".

Although the prosecution later said it would not press for a compensation order, the judge directed Loo to submit documents detailing his financial position, including bank statements, CPF records and recent payslips dating back to the last three months.

The case was adjourned to April, with sentencing scheduled for Apr. 28, 2026.

Top images via Mothership, Canva