SINGAPORE – A mastermind of an elaborate scam ran a firm offering cryptocurrency investment schemes, in which 12 investors parted with more than $1.8 million in total.
Between May 20 that year and Feb 15, 2022, the firm offered the “A&A chain mining scheme” to investors in Singapore. A&A claimed it would generate the revenue for returns through the mining of cryptocurrency by using these machines. DPP Wong said: “In reality, A&A did not enter into an agreement with Yunan Holdings to acquire 70 per cent ownership of 300,000 mining machines. In fact, A&A did not mine cryptocurrency to generate revenue.”
Court documents stated that Yang had directed Chen to collect cash from various investors. Yang then used the money for his personal expenses.
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