An Australian couple is on trial for theft after spending millions of dollars from Crypto.com mistakenly transferred to their account. The exchange mistakenly transferred $10.5 Million, instead of $100, to Thevamanogari Manivel’s account in May 2021 due to incorrectly entered numbers in the payment fields. It took Crypto.com executives 7 Months to realize their mistake and try to recover the funds.
At the time, prosecutors said Manivel and his partner, Jatinder Singh, spent a lot of money with the funds. They reportedly purchased 4 properties, including a $1.2 Million house in Melbourne, and made a $56 Thousand down payment on another house. The couple also gave over $1 Million to their 3 daughters, spent $70 Thousand to buy a car for one of their children, $1.2 Million to pay off a friend’s mortgage, and spent the rest on furniture, art, and other luxury items.
Authorities arrested Manivel (40) at Melbourne airport, carrying a significant amount of cash and luggage, along with a one-way ticket to Malaysia. Singh is a crypto trader who has nearly $50,000 in his Crypto.com wallet. He claims to have won money from Crypto.com when the company finally realized their mistake. Jessica Willard, Manivel’s lawyer, told a hearing at the Melbourne Magistrates Court in October that her client may not have known where the funds came from.
Manivel and Singh pleaded not guilty to theft. Manivel also pleaded not guilty to a charge of negligently handling the proceeds of crime. The court said that $2 Million in cash remains unaccounted for, along with another $1 Million in assets. If convicted, the couple faces up to 20 years in prison. They attended a directions hearing in the Victoria County Court last month, with another hearing set for late March next year.
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