Jatinder Singh, a 39-year-old Indian national, has been sentenced to three years in prison in Australia for spending more than 6 million Australian dollars (AUD) that was mistakenly transferred to his bank account. The money was supposed to be a AUD100 refund from cryptocurrency platform, Crypto.com, but due to an accounting error, more than 10.4 million was sent to the account of his partner Thevamangari Moneywell. Singh’s spending spree lasted 10 months, involving 160 transactions, including buying two properties and gifting a friend 1 million.
The mistake happened in May 2021 when Singh deposited 100 Australian dollars into Moneyvale’s account on crypto.com. Due to a discrepancy in the account name, the refund process went wrong, leading to a massive transfer.
Singh instructed Manivel to transfer the funds from his Commonwealth Bank account to their joint account before the error was corrected.
Singh mistook the money he received from the crypto platform as a jackpot
The cryptocurrency platform discovered the mistake during an audit seven months later.
Despite attempts by Crypto.com and the Commonwealth Bank to get the money back, Singh and Manivel ignored their efforts as they considered it a scam, reports the Canberra Times.
By this time they had spent all the money, including buying two properties and gifting A$1 million to a friend. Moneywell also transferred A$2 million to a bank account in Malaysia.
Singh was arrested in March 2022 and charged with theft after he told police he thought the money was “something he had won” from Crypto.com.
Judge Martin Marich noted Singh’s cognitive challenges, including an “extremely low” IQ that impaired his ability to understand the consequences of his actions.
“The cognitive limitations and challenges in understanding social rules weigh more heavily on you than on others,” Judge Marich said.
He described Singh’s actions as a “series of opportunistic and ill-considered actions” that stemmed from a poor understanding of cryptocurrency trading and limited problem-solving abilities.
The mental condition of the Indian tortured in remand deteriorated
Singh’s difficult time on remand, which included racial harassment, damaged his mental health, leaving him with anxiety, depression and suicidal thoughts.
Media coverage of his case further increased his fears, Judge Marich noted, as did his apprehension about community judgement and his parents finding out.
“(You) were afraid that other people in the Punjabi community would judge you and gossip about you and you were afraid that your parents would find out about your crime,” the judge said.
Despite these challenges, Judge Marich acknowledged Singh’s good prospects for rehabilitation.
Singh will be eligible for parole after serving two years of his sentence, as he has already spent 361 days in jail. The judge also said the conviction could affect future visa applications.
Singh’s former partner Manivel was sentenced to 209 days in prison in 2023 after he was arrested while attempting to board a flight to Malaysia with a one-way ticket.
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