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The second richest citizen of China according to Forbes magazine for 2001 was convicted in Singapore for organizing a multimillion-dollar financial pyramid disguised as a crypto investment.
On Monday, August 26, Yang Bin was sentenced to six years in prison and fined S$16,000 ($12,284). A 61-year-old citizen of China and the Netherlands pleaded guilty to creating and operating a fictitious company, A&A Blockchain Innovation, which allegedly owned a fleet of more than 300,000 bitcoin mining equipment.
The court's verdict states that from May 20, 2021 to February 15, 2022, A&A Blockchain offered Singaporean investors a "high-yield money circulation and mining scheme," promising a fixed daily return of about 0.5% of the investment.
Instead, A&A Blockchain management used a so-called Ponzi money circulation scheme, funneling money from later investors to pay returns to earlier ones.
From August 2021 to February 2022, A&A Blockchain operated a cryptocurrency exchange known as AAEX Global, which offered multi-cryptocurrency trading. A&A Blockchain did not have a license from the Monetary Authority of Singapore (MAS) to provide payment services.
According to the investigation, A&A Blockchain was able to attract more than 700 investors who invested their funds and lost about 6.7 million Singapore dollars ($5.14 million).
Earlier, the Ministry of Public Security of China reported that on August 20, Chinese citizen Zhang Mou Mu, the organizer of the MBI Group cryptocurrency pyramid, whose investors' losses are estimated at $14 billion, was extradited from Thailand.
• Source: https://www.police.gov.sg/Media-Roo..._charged_for_conspiracy_to_cheat_and_carrying
