Police from Singapore has announced that a Malaysian man named Pang Joon Hau has been robbed of over $278,000 in a case involving a bitcoin transaction.
Pang got in touch with a broker in Singapore, who then met with Pang at his hotel where they waited for the seller to show up.
The seller eventually appeared along with a broker. Once it was determined that Pang had with him hundreds of thousands of dollars worth of cash without any kind of security protection, the criminals then assaulted Pang and his broker and made away with an estimated $278,000.
Pang immediately filed a report after the robbery, which allowed the police to gather more information about the crooks. After some groundwork, the local Singaporean police announced last Thursday that they had already apprehended the perpetrators.
Mohd Abdul Rahman Mohamad, the Bitcoin “broker,” was arrested at a hotel in Sentosa, and was charged with robbery by the police. However, the police also glean that he had a hand with another robbery case earlier in the year where he robbed over $150,000 Singaporean dollars worth of expensive items from a home.
However, some believe that before he was apprehended, the criminal had already spent over $60,000 USD on a lavish shopping spree, with some claiming that he spent some of the money on luxury watches.
Due to the robbery along with an intent to hurt, he could be put in jail for a minimum of 5 years, a lengthy sentence to say the least.
Syed Mokhtar Syed Yusope, his cohort, was arrested at a rail transit station with his 10,000 Singaporean dollar pot of the pilfered amount as he tried to evade capture.
However, the unsuspecting buyer, Pang Joon Hau, has also been put under investigation by the police in Singapore as Arthur Law, Commander of Central Police Division Assistant Commissioner, said that it was unusual for such transactions that involved that amount of physical cash to be traded for bitcoin. The police are currently looking at the source of the funds carried by Pang.
“The Police will not condone anyone committing such serious offenses and profiting from the proceeds of the crime. We will spare no efforts in pursuing such criminals and deal with them in accordance with the law.”
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