SINGAPORE, Aug 8 — A 49-year-old woman has been arrested in Singapore in connection with a police investigation into the Fun Coffee investment scheme, according to The Straits Times.
Singapore police said the woman, arrested on Aug 6, had actively promoted the scheme and recruited others to join.
Participants were required to install an application and transfer Tether (USDT), a cryptocurrency pegged to the US dollar, into wallet addresses provided through the app.
Police said the scheme promised unrealistically high returns and commissions for recruiting new members, but participants were subsequently unable to withdraw their funds.
According to the report, the woman was arrested under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act. If convicted, she faces up to five years’ imprisonment, a fine of up to S$200,000, or both.
Fun Coffee, based in Phu Quoc, Vietnam, claimed to have assets worth more than US$1 billion (S$1.28 billion) and a team of more than 5,000 people.
The Straits Times reported that authorities in Hong Kong and Macau had arrested eight people over the past week in connection with the scheme, while about 200 people had lost nearly HK$100 million (S$16.3 million).
A Singapore victim told the newspaper she had invested about S$400,000 and had been unable to recover any of the money.
Fun Coffee, which describes itself as a “lifestyle brand combining coffee, wellness and digital innovation into a community experience”, entered Singapore sometime in 2025.
Police urged members of the public not to make further payments or transfers to the scheme and warned that requests for payment through private PayNow QR codes, personal mobile numbers or overseas accounts should be treated as red flags.
