SINGAPORE – A youth on Tuesday (Aug 16) admitted to cheating seven of his friends of more than $330,000 in an investment scam, using the money instead to buy items used in online games and for online gambling.
The youth, who was 16 when he committed the crimes, told his friends he would help them invest in the foreign exchange and cryptocurrency markets.
He claimed that he had made money trading Bitcoin, and even guaranteed them fixed returns if they invested through him.
But the youth, who is now 20, wanted some of the money to buy items used in online games such as Counter-Strike: Global Offensive, which he had planned to later sell for a profit.
As he knew his friends would not give him the money, he decided to lie to them instead.
In total, he cheated his victims of $332,067.
The youth, who cannot be named as he was under 18 years of age when he committed the crimes, pleaded guilty on Tuesday to three counts of cheating three people.
Four other similar charges will be taken into account for his sentencing.
Probation and reformative training reports were called for and he is scheduled to return to court on Aug 23.
The three victims in the charges he pleaded guilty to were his schoolmates. They were 17 years old at the time.
The victims all filed police reports when they did not receive the promised returns on their purported investments.
Youth cheated friends of over $330k in investment scam to buy items for online games & Latest News Update
Youth cheated friends of over $330k in investment scam to buy items for online games & More Live News
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