Melbourne Couple’s $10.5M Mistake Unravels a Legal Tangle

Key Insights:

• Accidental $10.5M transfer turns Melbourne duo into overnight millionaires.
• Couple’s spending spree halted by Crypto.com’s legal intervention.
• Misunderstood “prize” leads to courtroom drama and public scrutiny.

In the active city of Melbourne, Thevamanogari Manivel and Jatinder Singh found themselves in an unusual situation. An unexpected transfer of $10.5 million appeared in their account. However, this wasn’t a lottery win or an inheritance. It was a significant error by the cryptocurrency platform Crypto.com.

The Accidental Transfer and Its Aftermath

In May 2021, Manivel initiated a seemingly simple fund transfer to Singh’s Crypto.com account. A discrepancy between the bank and exchange accounts should have resulted in a modest refund of $100. However, due to an oversight, Crypto.com transferred $10.5 million to Manivel’s bank account. This monumental error was noticed during the company’s annual audit in December 2021.

Before the error came to light, the couple had embarked on an extravagant spending spree. They acquired four real estate properties, multiple vehicles, and other luxury items. One of their acquisitions, a lavish five-bedroom property in Craigieburn, carried a price tag of $1.35 million. Additionally, in a move that raised many eyebrows, they transferred a massive $4 million to a bank in Malaysia. Following legal proceedings, the court-mandated the sale of the Craigieburn property to recover a portion of the misallocated funds.

Courtroom Claims and Contentions

Fast forward to October 2022, when the couple defended their actions in court. Their defense was both unique and audacious. They claimed to believe that they had won a substantial prize from Crypto.com. Singh even asserted that he had received a notification from the platform about a competition, leading them to assume the funds were legitimate.

However, Michi Chan Fores, a diligent compliance officer at Crypto.com, swiftly countered this claim. Fores categorically stated that the platform had never organized any such competition. Moreover, she emphasized that Crypto.com had never dispatched such notifications to its users.

In September 2023, under the weight of compelling evidence and increasing legal scrutiny, Manivel changed her position. Initially accused of theft, she admitted to carelessly handling crime-related funds. As a result, she received an 18-month community corrections directive, which includes six months of strict adherence and voluntary community work. It’s important to highlight that she had previously been in detention for 209 days. In the meantime, Singh’s plea hearing is scheduled for October 23, with many awaiting the verdict with bated breath.

Reflection and Forward Movement

This intriguing case serves as a potent reminder of the intricacies and potential pitfalls in the burgeoning world of cryptocurrency. As Crypto.com continues to expand its global footprint, recently securing a license from the Dutch central bank, it’s evident that even industry titans are not immune to errors.

In conclusion, what began as a routine fund transfer has become a significant legal and media spectacle. The Melbourne couple’s fleeting encounter with unexpected wealth has culminated in court battles, asset liquidations, and intense public scrutiny. As the crypto domain continues its meteoric rise, such incidents underscore the paramount importance of meticulous checks, balances, and transparency.