Crypto Mining Co-Founder Charged with Duping Investors and Faking Robbery

In a shocking turn of events, Lek Tai Yong, a 26-year-old co-founder of Frontier Digital Asset Management, faces serious legal repercussions. He was charged on October 11 with making a false police report and criminal breach of trust, according to todayonline. The charges stem from his alleged misappropriation of S$270,400 from the blockchain and crypto mining company he helped establish.

Adding another layer to the deception, Lek also reported a fake robbery. He claimed that two unknown men robbed him of the exact sum at Pasir Ris Park. This elaborate ruse didn’t just involve him; another man, Eddie Ong Wei Xian, was charged for aiding Lek in the crime. Specifically, Ong is accused of helping Lek hide the stolen money.

The police were quick to act. Within nine hours of the false report, officers from the Bedok Police Division arrested both men and recovered the full amount. According to the police, the money came from investors who were duped by the co-founders.

The legal consequences for these actions are severe. If convicted for making a false police report, Lek could face up to two years in jail, a fine, or both. For the charge of criminal breach of trust, the penalty could be as high as seven years in prison, a fine, or both. Eddie Ong faces similar penalties if found guilty of abetment to criminal breach of trust.