Imagine receiving a staggering $10.5 million instead of a mere $100 refund. Sounds like a dream, right? But for one Melbourne woman, Thevamanogari Manivel, this dream turned into a legal nightmare, and now her boyfriend, Jatinder Singh, is embroiled in the saga. This unbelievable story involves a cryptocurrency exchange giant, a monumental error, luxury purchases, and a courtroom drama that’s captivated the crypto world. Let’s dive into the bizarre case of the Crypto.com’s multi-million dollar mishap and the latest developments.
How Did a $100 Refund Turn into $10.5 Million?
It all started with a seemingly routine crypto transaction. Jatinder Singh, the 37-year-old boyfriend of Thevamanogari Manivel, was expecting a $100 refund from the popular digital asset exchange, Crypto.com. However, due to what Crypto.com later described as a human error, a staff member at the Singaporean exchange mistakenly entered the account number in the ‘amount’ field. Instead of $100, a whopping $10,500,000 was wired to Manivel’s bank account in May 2021.
Here’s a breakdown of the unbelievable blunder:
- Intended Refund: $100
- Actual Transfer: $10,500,000
- Exchange Involved: Crypto.com, a Singaporean digital asset exchange
- Date of Mistake: May 2021
Unbelievably, this monumental error went unnoticed for a staggering seven months! It was only during a routine audit in December 2021 that Crypto.com discovered the multi-million dollar discrepancy.
The Lavish Lifestyle and the Lawsuit
Upon realizing the colossal sum that had landed in her account, Thevamanogari Manivel allegedly didn’t immediately alert Crypto.com. Instead, she and her boyfriend, Jatinder Singh, allegedly embarked on a spending spree. By February 2022, when Crypto.com finally contacted Manivel requesting a refund, a significant portion of the funds had already been moved.
Here’s where things get even more interesting (and legally complicated):
- Initial Transfer to Joint Account: $10.1 million was moved to a joint account shared by Manivel and Singh.
- Luxury Mansion Purchase: A $1.35 million five-bedroom luxury mansion in Craigieburn was purchased for Manivel’s sister.
- Other Lavish Spending: Reports indicate spending on paintings, gifts, vehicles, and furniture.
- Offshore Accounts: Manivel allegedly moved $4 million to an offshore account in her name and $1 million to an account in Singh’s name.
In August, Crypto.com initiated legal proceedings against Manivel, seeking to recover the misspent millions. The legal battle began, and the details emerging from the court are nothing short of sensational.
“Crypto Tournament Winnings” – A Claim in Court
During the court hearing, Manivel reportedly claimed that Singh had convinced her the money was from a Crypto.com tournament win. This explanation, according to reports, was given as a reason for not returning the funds when Crypto.com initially contacted her for a refund. However, this explanation seems to have done little to sway the authorities.
Bail Granted to Jatinder Singh Amidst Objections
Both Manivel and Singh have pleaded not guilty to the charges leveled against them. Manivel was previously granted bail during the committal hearing, while Singh remained in custody until recently. The latest development is that Jatinder Singh has now been granted bail by the Victorian County Court, despite strong objections.
Senior Constable Conor Healy argued against bail, highlighting that approximately $7 million had been spent or moved and that Singh posed a flight risk with a substantial amount of the money still unaccounted for. Prosecutor Peter Botros echoed these concerns, emphasizing Singh’s lack of stable employment, residence, and family ties in Australia, making it easier for him to abscond before his arrest.
However, Judge Daniel Holding ultimately decided to grant bail. A key factor in Judge Holding’s decision was the bail conditions, which include the forfeiture of Singh’s passport, preventing him from leaving the country.
Where Does the Money Stand Now?
Authorities have managed to seize approximately $7.3 million. However, a significant $3.1 million remains outstanding. Of this, $2.2 million is reportedly still in an offshore account. The whereabouts of the remaining funds are still under investigation.
Here’s a quick snapshot of the money trail:
| Category | Amount |
|---|---|
| Mistakenly Transferred by Crypto.com | $10.5 million |
| Funds Seized by Authorities | $7.3 million |
| Funds in Offshore Account | $2.2 million (approx.) |
| Remaining Unaccounted Funds | $900,000 (approx.) |
What’s Next in This Crypto Courtroom Drama?
The case is far from over. With Jatinder Singh now on bail, the legal proceedings will continue. Key questions remain:
- Will the remaining $3.1 million be recovered?
- What will be the outcome of the lawsuit against Manivel and Singh?
- Will Crypto.com face repercussions for such a massive operational error?
- What impact will this case have on the public perception of cryptocurrency exchanges and their security measures?
This case serves as a stark reminder of the potential for human error, even in sophisticated digital systems. It also highlights the importance of robust auditing processes for cryptocurrency exchanges and the legal complexities that can arise in the rapidly evolving world of digital assets. As the Crypto.com lawsuit unfolds, the crypto community and legal observers alike will be watching closely for the next chapter in this extraordinary saga.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.