SINGAPORE: Police arrested four men for their suspected involvement in cheating offences in a cryptocurrency mining investment scheme.
The men, aged between 39 and 59, are reportedly linked to A&A Blockchain Technology Innovation, a firm that promised a fixed daily return of 0.5 per cent in a cryptocurrency mining investment scheme, authorities said in a news release on Monday (Feb 21).
They added that they are also currently investigating the company’s business activities for possible cheating offences.
In addition to cryptocurrency, A&A Blockchain also offered other purported schemes promising varying returns.
If convicted of cheating, the men could be jailed for up to 10 years and fined. Investigations are ongoing.
“The police would like to caution and advise investors against making further payments to facilitate the recovery of their investments,” they said.
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