Woman arrested in Singapore as part of probe into Fun Coffee investment scheme

A 49-year-old woman has been arrested in Singapore in connection with an alleged investment scheme associated with the Fun Coffee platform, which is purportedly based in Vietnam. The Singapore Police Force (SPF) revealed that the woman was apprehended on Thursday after investigations into the platform, which allegedly resembles a pyramid-selling scheme.

Preliminary findings indicate that she actively promoted the scheme and recruited others to participate. Users were required to download the "Fun Coffee" application and transfer cryptocurrency (Tether) into digital wallet addresses provided through the app, with the promise of high returns and additional commissions for recruitment.

The scheme went offline on July 20, leading to complaints in Hong Kong and Macau, where eight people were arrested for related offenses. If charged and convicted, the woman faces up to five years in jail, a fine of up to S$200,000, or both. The police urge the public not to make further payments or transfers to the scheme.

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