Man promised 50 per cent returns in investment scam; cheated 16 victims of over $48k

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A man who lied to his colleagues and friends that he knew of an investment opportunity that promised 50 per cent returns was sentenced to 38 weeks’ jail. Haresh Letchmanan, 38, who pleaded guilty to five cheating charges on Thursday, had cheated 16 victims of a total of...

A man who lied to his colleagues and friends that he knew of an investment opportunity that promised 50 per cent returns was sentenced to 38 weeks’ jail.

In 2021, he started investing in cryptocurrency and non-fungible tokens, and asked his family and friends to invest through him as well.10 months’ jail for woman acting as agent of husband’s criminal groupWhen returns were poor, Haresh had to fork out his own money to repay the sums he took from family and friends, which led to financial difficulties at the time of his offences.

When V2 paid Haresh the money on Sept 10, Haresh promised him that he would receive $12,000 on Sept 24.

 

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