Man Arrested in Singapore for 1.3 Million Dollar Cryptocurrency Scam

In a significant development, a 23-year-old man, Chen Jiahao, was arrested on June 20th at the Woodlands Checkpoint in Singapore as he attempted to leave the country. The arrest came as part of an ongoing investigation into a cryptocurrency investment scam that has been under scrutiny since May 2025. The scam involved a Singaporean woman who is suspected of delivering over 1.3 million Singapore dollars to Chen Jiahao. The police launched an investigation after receiving a report from the bank and swiftly apprehended Chen Jiahao, seizing two mobile phones and suspected third-party bank cards on the scene.

Chen Jiahao was charged with violating the Computer Misuse Act on June 21st, and the case will be further heard on June 27th as the police continue to investigate his alleged fraudulent activities. The scam in question involves a common tactic where scammers build fake romantic relationships with their victims. Once trust is established, the scammers convince their victims to invest in phony cryptocurrency platforms, resulting in significant financial losses. This method of deception is particularly insidious as it preys on the emotional vulnerabilities of its targets, making it difficult for victims to recognize the fraud until it is too late.

The arrest of Chen Jiahao is a significant development in the ongoing investigation. His attempt to leave the country suggests a potential flight risk, indicating that he may have been aware of the impending legal consequences. The Singaporean woman, who is also under suspicion, remains at large, and authorities are likely continuing their efforts to apprehend her. The case highlights the growing concern over cryptocurrency-related scams, which have become increasingly prevalent in recent years. These scams often exploit the anonymity and decentralized nature of cryptocurrencies, making it easier for fraudsters to operate without detection.

The Singaporean authorities' swift action in this case underscores their commitment to combating such criminal activities and protecting the public from financial exploitation. The investigation into this cryptocurrency scam is part of a broader effort by Singaporean law enforcement to tackle cybercrime. The arrest of Chen Jiahao and the ongoing probe into the Singaporean woman demonstrate the authorities' determination to bring those responsible for such crimes to justice. As cryptocurrency continues to gain popularity, it is crucial for regulatory bodies and law enforcement agencies to remain vigilant and proactive in their efforts to prevent and punish fraudulent activities.