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SINGAPORE \u2013 A man allegedly hatched a plan to cheat his elderly friend after the latter confided in him that he had been a victim of a cryptocurrency scam.<\/p>\n
Over a period of 15 months, Vasudevan Sagadevan, 43, allegedly told his friend, 69, he could help to recover his losses but that his friend would have to pay several fees.<\/p>\n
On Oct 23, Vasudevan was charged with one count of cheating. If convicted, he could be jailed for up to 10 years and fined.<\/p>\n
His case will be heard again in the District Court on Nov 20.<\/p>\n
The police said Vasudevan told his friend he had to pay legal, witness protection and other administrative fees.<\/p>\n
Vasudevan purportedly told his friend he was helping to arrange for the case to be heard in an overseas court.<\/p>\n
Vasudevan\u2019s charge sheet showed he claimed his company, DS9 Technology, could engage lawyers in the United States and Australia to pursue court proceedings on his friend\u2019s behalf.<\/p>\n
He also claimed that he had hired a private investigator from Norway through his company to locate the scammer. He said he needed to arrange for witness compensation and protection services.<\/p>\n
The charge sheet shows Vasudevan\u2019s friend then transferred $112,500 to DS9 Technology\u2019s bank account.<\/p>\n
Business records show the company, which was incorporated in 2008 and described as being in the business of repair and maintenance of computer hardware and data processing equipment, is solely owned by Vasudevan.<\/p>\n
Court documents do not state how his alleged scheme came to light, but the police said they received a report on Sept 27. He was arrested on Oct 21.<\/p>\n
In a statement, the police reminded the public to exercise caution when dealing with anyone who claims to be able to recover money lost to scams or other fraudulent schemes in exchange for payment.<\/p>\n
The police said: \u201cMembers of the public should be wary of and verify requests for upfront payments, especially when these are purportedly required for legal, administrative or processing purposes.<\/p>\n
\u201cIf you suspect that you have fallen victim to a scam, contact your bank immediately to report and block any fraudulent transactions, and lodge a police report.\u201d<\/p>\n<\/div>\n
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