SINGAPORE: A 49-year-old woman has been arrested in Singapore over her alleged role in promoting an investment scheme linked to the Fun Coffee platform, which authorities said resembles a pyramid-selling scheme.
In a media release on Saturday (Aug 8), the police said the woman was arrested on Thursday following investigations into the platform, which is purportedly based in Vietnam.
Preliminary investigations indicate that she had actively promoted the scheme and recruited others to join. Users were required to download the “Fun Coffee” application and transfer Tether (USDT), a cryptocurrency pegged to the US dollar, into digital wallet addresses provided through the app.
“Users can subscribe to any of the investment plans listed within the application. The plans promise unrealistically high returns and offer additional commissions for recruiting others to join the scheme,” said the Singapore Police Force (SPF).
“Participants of the investment scheme in Singapore were subsequently unable to withdraw their funds through the ‘Fun Coffee’ application.”
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