Man accused of misappropriating over $270k allegedly lied to police he was robbed of the cash
A former director at crypto-mining firm Frontier Digital Asset Management, who was entrusted with $270,400 of its monies, allegedly misappropriated the amount shortly before 1am on Aug 31.
Lek Tai Yong, 26, is then said to have made a false police report later that morning, claiming that two people had robbed him of the monies, which had come from investors.
Lek, who used to be a director at several other firms, including Frontier Capital Asset Management, Frontier Mining and Gatdat, was charged on Wednesday with one count each of criminal breach of trust and giving false information to a police officer.
A search with the Accounting and Corporate Regulatory Authority revealed that he was also chief executive of a firm called Curave that dealt with web portals.
He is now a shareholder and secretary of management consultancy services firm LFG Creatives.
On Wednesday, Eddie Ong Wei Xian, also 26 and a former director at a firm called Million Auto, was charged with one count of abetting Lek to commit criminal breach of trust.
According to court documents, Lek had been entrusted with the $270,400 when he allegedly misappropriated the amount at Block 586A Pasir Ris Street 53.
Police said in a statement on Tuesday evening that Ong had allegedly helped Lek with hiding the cash.
In their statement, the police added that Lek allegedly made a report at around 3am on Aug 31, claiming that two unknown people had robbed him of the monies at Pasir Ris Park.
Officers from Bedok Police Division arrested Lek and Ong within nine hours after the report was made, and the monies were recovered.
Their cases have been adjourned to November.
For criminal breach of trust, an offender can be jailed for up to seven years and fined.
And for giving false information to a public servant, an offender can be jailed for up to two years and fined.