Singapore crypto robbery incident has been concluded after six Malaysian men have been sentenced to jail for their involvement in a pre-planned armed robbery of a house located in King Albert Park.
The incident occurred on April 18, 2024, in a poker match that had high stakes. Reports reveal that they managed to rob around S$4.9 million in total, which consisted of cash, expensive watches, and S$3.6 million in cryptocurrency.
As reported by Channel NewsAsia (CNA), all six of the men admitted to committing armed gang robbery, among other charges. A seventh suspect, 33-year-old Muhammad Yusuf Kassim, is still at large.
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Singapore Crypto Robbery Was Planned Months in Advance
The Singapore crypto robbery did not come as an impulse attack. It is reported that the gang members spent several months collecting data on the bungalow and the poker games organized in the bungalow.
Both Wong Chi Shan and Goh Boon Tong got to know about the game late in 2023 and later went to check out the security arrangements at the property.
While visiting the place, the two men noticed that both the gate and the front door of the bungalow could be left open.
Mohd Hamidon Ahmed was then introduced by Wong and Goh, assisting in getting more men involved in the conspiracy. They prepared masks, gloves, duct tape, cable ties, machetes, and baseball bats before executing their plan.
How the Singapore Crypto Robbery Took Place
On the night when the Singapore crypto robbery occurred, seven individuals entered the bungalow during the poker game.
The men first subdued the occupants of the bungalow before looking around for any money or valuables, including checking the mobile phones of the victims to see if there were any cryptocurrency apps.
Once they were able to access the cryptocurrencies, they transferred the cryptocurrencies to their wallet. This made the cryptocurrencies an important part of the stolen valuables from the Singapore crypto robbery.
The robbery included a great deal of physical wealth. Some of the stolen items were a Patek Philippe watch worth more than S$500,000, two Rolex watches worth more than S$55,000, and a Richard Mille watch worth about S$320,000.
Crypto and Luxury Watches Among Stolen Assets
The extent of the crypto theft in Singapore was quite large, since the stolen property comprised various types of assets.
According to estimates, around S$3.6 million of the amount was cryptocurrency, with the remainder being cash and luxury watches.
It also created a different problem for the criminals since it was not possible to transfer coins between different wallets within a short period of time.
Nevertheless, cryptocurrency transactions create a history on the blockchain, which makes it possible to track down the movements of the funds and identify transactions made from the stolen money.
In the current case, the Singapore government managed to return about S$1.69 million, whereas S$3.21 million of the stolen money was left unrecovered.
Suspects Fled Singapore After the Robbery
After committing the Singapore crypto robbery, the criminals left the country using the checkpoints of Tuas and Woodlands before going to Malaysia.
The suspects met again in Kuala Lumpur and shared the stolen amount amongst themselves.
The involvement of the suspects in an international move and their stolen properties further complicated the investigation since the case involved both Singapore and Malaysia, tangible assets as well as crypto money transfer; thus, the investigation had to follow up on all components of the stolen assets.
Recovery of some of the stolen properties also emphasizes the need for investigation of the movement of the stolen property after a robbery.
Singapore Court Sentences Six Men
Different punishments were awarded by the courts to the six men convicted in relation to the Singapore crypto robbery.
Wong Chi Shan and Goh Boon Tong, who have been referred to as ringleaders, were sentenced to 12 years and 11 months’ imprisonment, 24 strokes of the cane and fined $4,000.
Mohd Hamidon Ahmed was sentenced to 10 years and six months’ imprisonment and 24 strokes of the cane.
Kartik Palaniappan and Muhammad Tauffiq Ahmad Fauzi were each sentenced to 7 years and 8 months’ imprisonment and 24 strokes of the cane.
Mohd Hashim Ismail, who is 51 years old, was sentenced to 8 years and 8 months in prison but was not caned owing to his age.
Muhammad Yusuf Kassim, who is 33 years old and at large, has not been sentenced for his involvement in the crime.
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