Two 26-year-olds, Lek Tai Yong and Eddie Ong Wei Xian, faced charges in Singapore for allegedly fabricating a robbery and misappropriating S$270,400 from the blockchain and crypto mining company, Frontier Digital Asset Management. Lek, listed as the co-founder on LinkedIn, purportedly misappropriated the funds on August 31, according to court documents.
On the same day, Lek reported a false robbery at Pasir Ris Park around 3:10 am, claiming he was robbed by two unknown men. Ong, charged with aiding Lek in criminal breach of trust, was accused of assisting in concealing the misappropriated funds. The police arrested both individuals and recovered the S$270,400 within nine hours of the false report.
Lek, previously a director at Frontier Capital Asset Management, Frontier Mining, Gatdat, and CEO of Curave, faced charges of criminal breach of trust and providing false information to the police. Ong, a former director at Million Auto, was charged with abetting Lek in criminal breach of trust. Lek’s LinkedIn profile also revealed his current role as a shareholder and secretary of LFG Creatives, a management consultancy services firm.
The police statement clarified that the misappropriated funds were “from investors.” If convicted of making a false police report, Lek could face up to two years in jail, a fine, or both. Additionally, a conviction for criminal breach of trust could lead to a sentence of up to seven years in jail, a fine, or both. For Ong, if found guilty of abetting criminal breach of trust, he could be sentenced to a maximum of seven years in jail, a fine, or both.
The charges were brought after investigations by officers from the Bedok Police Division, emphasizing the swift recovery of the funds within nine hours of the false report. The cases were adjourned to November for further proceedings.
The charges against Lek and Ong involve serious offenses with potential severe consequences. The allegations include not only the misappropriation of a significant sum but also the fabrication of a crime, undermining the integrity of law enforcement. The outcome of the legal proceedings will determine the extent of their accountability and potential penalties, considering the seriousness of the charges.