Man charged with cheating friend out of $112,500 after learning he was a scam victim

SINGAPORE - A man allegedly hatched a plan to cheat his elderly friend after the latter confided in him he had been a victim of a cryptocurrency scam.

Over a period of 15 months, Vasudevan Sagadevan, 43, allegedly told his friend, 69, he could help to recover his losses but required several fees.

On Oct 23, Vasudevan was charged with one count of cheating. If convicted, he can be jailed for up to 10 years and fined.

His case will be heard again in the District Court on Nov 20.

The police said Vasudevan told his friend he had to pay for legal, witness protection and other administrative fees.

Vasudevan purportedly told his friend he was helping him to have the case heard in court overseas.

Vasudevan’s charge sheet showed he claimed his company, DS9 Technology, could engage lawyers in the United States and Australia to pursue court proceedings on his friend’s behalf.

He also claimed that through his company, he had hired a private investigator from Norway to locate the scammer. He said he needed to arrange for witness compensation and protection services.

Charge sheets show Vasudevan’s friend then transferred $112,500 to DS9 Technology’s bank account.

Business records show the company, which was incorporated in 2008 and described as being in the business of repair and maintenance of computer hardware and data processing equipment, is solely owned by Vasudevan.

Court documents do not state how his scheme came to light, but the police said it received a report on Sept 27. He was arrested on Oct 21.

In a statement, the police reminded the public to exercise caution when dealing with anyone who claims to be able to recover money lost to scams or other fraudulent schemes in exchange for fees or payment.

Said the police: “Members of the public should be wary of and verify requests for upfront payments, especially when these are purportedly required for legal, administrative or processing purposes.

“If you suspect that you have fallen victim to a scam, contact your bank immediately to report, block any fraudulent transactions, and lodge a Police report.”