A Singaporean man has been sentenced to three years in prison and 12 strokes of the cane after stealing more than $267K from a bitcoin investor. 

According to a report by The Strait Times on Friday, Jaromel Gee Ming Li, 29, was sentenced for his involvement in the theft of S$365,000 (US$267,097) in cash that was intended for the purchase of bitcoin. Gee pled guilty to one count of engaging in a conspiracy to commit robbery with the aid of two others, Mohd Abdul Rahman and Syed Mokhtar. 

The report claims Gee originally solicited Rahman’s help for engaging in transactions with potential bitcoin buyers for large sums of cash. However, the two men began engaging in schemes to rob prospective investors in April 2018. 

Gee instructed Rahman and Mokhtar to locate bitcoin investor Pang Jonn Hau during his visit to Singapore in April 2018. The two men physically assaulted Pang and fellow investor Teo Chern Wei in their hotel room before making off with a backpack full of cash. 

Gee was arrested several weeks later after authorities connected him to the robbery. Rahman, whose case is still pending, was arrested following the attacks, while Mokhtar pled guilty to the robbery. 

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