The employee heated 5.7 million dollars using fake transactions (report)

Ho Kai XIN, a former salary employee in Wechain Fintech Singapore, was sentenced to nine years and 11 months in prison for embezzlement for more than $ 5.7 million.

Wechain Fintech Singapore, who has been contracted to manage salary statements for bybit Fintech, which employs HO as a salary lists processing employee. HO, who was responsible for treating salaries for about 900 bybit employees, took advantage of her position by processing Microsoft Excel files to convert the company’s money into its own accounts.

BYBIT salary scandal

According to a report From “The Straits Times”, her fraudulent activities began in May 2022 when she changed salary statements to reflect unauthorized payments. I initially stole more than $ 117,000 of Wechain. With the encouragement of the lack of detection, its scheme escalated and ended up with the different quantities of the crystallized currency directly from the bybit electronic portfolio.

In fact, between May and August 2022, more than 4.2 million US dollars moved to four personal portfolios. To facilitate theft, fraudulent payment entries were introduced into salary statements and listed the headquarters of their wallets next to the employees’ names to deceive bybit in the permit to permit transactions.

Although he was under investigation and facing legal procedures from the stock exchange, Ho continued to lead a heavy lifestyle. I put a batch of about 750,000 dollars against Benthaus, at a value of more than $ 3.7 million on the Gilsid road.

She was also surprised by high -end elements, and spent nearly $ 30,000 on Louis Vuitton products, including sunglasses, bags, shoes, shirts and rings. In addition, I bought Mercedes -Benz worth $ 420,000. The police later seized more than $ 330,000 of its assets, but a large part of the stolen money remains imperceptible.

In February 2023, Wechain Representative told the author’s fraudulent activities, which resulted in her arrest after two months. Upon interrogation by the police, I tried to mislead the investigators by claiming that an individual named “Jason Tio”, who described it as a cousin, was responsible for unauthorized transactions. However, such a person was not found.

Luxury and lies

He acknowledged that he is guilty of multiple charges, including fraud, dealing with criminal behavior, and providing wrong information to public employees. In addition to the prison sentence for a decade, it was delivered for a period of six weeks in prison in January 2024 to disdain the court after challenging it to prevent her from spending her wrong money. Despite the orders of the court, it continued to use stolen money, as it spent nearly $ 840,000 on luxury goods.

Bybit managed to recover nearly $ 1.1 million from its electronic portfolios and an additional $ 140,000 from one of its bank accounts. However, ho did not make any effort to return the distinguished amount.