Key Takeaways
Crypto.com mistakenly transferred $10.5 million AUD to Thevamanogari Manivel’s bank account in May 2021.
The error was discovered in December 2021 during an annual audit.
Manivel has been sentenced to an 18-month community corrections order, while her partner, Jatinder Singh, will face a plea trial on October 23, 2023.
The Multi-Million Dollar Error
In May 2021, Thevamanogari Manivel attempted to transfer $100 AUD to her partner Jatinder Singh’s Crypto.com account. Due to a mismatch between the bank account and the Crypto.com account names, the cryptocurrency exchange issued a refund. However, a clerical error led to $10.5 million AUD being transferred to Manivel’s Commonwealth Bank account instead. The mistake remained undetected until December 2021, when Crypto.com conducted its annual audit.
Legal Consequences
Manivel was arrested in March 2022 while attempting to board a flight to Malaysia with close to $11,000 in cash. She has recently pleaded guilty to recklessly dealing with the proceeds of crime and was sentenced to an 18-month community corrections order, including six months of intensive compliance and unpaid community work. She had already spent 209 days in custody prior to the sentencing. Singh, on the other hand, is set to face a plea trial on October 23, 2023, for theft charges.
Asset Recovery and Company Response
The couple allegedly spent the funds on four houses, vehicles, and other assets, and transferred around $4 million AUD to a Malaysian bank account. One of the properties, a five-bedroom house in Craigieburn, was sold for $1.27 million AUD. Crypto.com has since updated its internal processes to prevent similar incidents. The company declined to comment on the ongoing case.
Visa and Future Plans
The legal proceedings have added uncertainty to Manivel’s visa process. She is currently pursuing a bachelor’s degree in science. Singh was charged with theft and is due to face a plea hearing on October 23.
Image source: Shutterstock
Credit: Source link
