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Singapore Police Arrest Four Participants in Cryptocurrency Scam

Singapore police have arrested four people on suspicion of cryptocurrency fraud through A&A Blockchain Technology Innovation firm.

How
report local media, A&A Blockchain Technology Innovation offered investors a fixed daily income of 0.5%. The Department of Commercial Affairs of Singapore has begun investigating A&A Blockchain Technology Innovation for possible fraudulent activities, for which organizers could face up to 10 years in prison and a heavy fine.

Police have advised investors who have invested in A&A Blockchain Technology Innovation not to make further payments to the firm. They are also advised to apply to law enforcement agencies for the return of invested funds. This can be done on the official website of the Singapore Police Force, indicating in the application the name and contact details of the representative of the organization with whom they communicated about the investment.

In addition, users must indicate the date, amount and method of payment, as well as provide information about any funds that they managed to withdraw from the project. This data must be accompanied by copies of documents relating to investments in A&A Blockchain, including marketing materials, receipts and correspondence. Investors can also apply to the nearest police station to apply.

According to KPMG, investments in Singapore’s cryptocurrency industry have increased to $1.48 billion. Therefore, at the beginning of the year, the Singapore government urged the public to be careful when investing in digital assets.

Source: Bits

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