Police arrest woman in Singapore after collapse of alleged Fun Coffee ponzi scheme

Singapore police have arrested a 49-year-old woman in connection with the collapse of the Fun Coffee investment scheme, which is believed to be a multi-level marketing and pyramid selling operation. The woman, based in Phu Quoc, Vietnam, actively promoted the scheme and recruited others to invest in it by transferring Tether (USDT) cryptocurrency to wallet addresses provided through a dedicated app.

The scheme, which claimed to have assets of over US$1 billion and a team of more than 5,000, was unable to allow participants to withdraw their funds through the Fun Coffee application. If charged and convicted, the woman faces up to five years in prison and a fine of up to $200,000. Fun Coffee, which entered Singapore in 2025, is described as a "lifestyle brand combining coffee, wellness and digital innovation into a community experience."

The scheme has resulted in about 200 people losing nearly HK$100 million in Singapore alone. Authorities in Hong Kong and Macau have also arrested eight people linked to the scheme. The police advise the public to avoid making further payments or transfers to the scheme, even when approached by individuals claiming to represent the business or through requests made via the Fun Coffee app.

Brief written by urgent.news from Straits Times's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.