SINGAPORE (The Straits Times/ANN): A 49-year-old woman was arrested on Aug 6 in connection with an ongoing police investigation involving the Fun Coffee platform.
In a statement on Aug 8, the police said the woman had actively promoted the Fun Coffee investment scheme and recruited others to join.
To participate, users had to install an app and transfer Tether (USDT), a cryptocurrency pegged to the US dollar, into wallet addresses provided through the app.
“The plans promise unrealistically high returns and offer additional commissions for recruiting others to join the scheme,” said the police. “Participants of the investment scheme in Singapore were subsequently unable to withdraw their funds through the Fun Coffee application.”
The woman was arrested under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.
If charged and convicted, she faces an imprisonment term of up to five years, a fine not exceeding $200,000, or both.
Based in Phu Quoc, Vietnam, Fun Coffee claims to have assets of over US$1 billion (S$1.28 billion) and a team of more than 5,000.
Over the last week, the authorities in Hong Kong and Macau arrested eight people in total linked to the scheme. About 200 people have lost nearly HK$100 million (S$16.3 million).
A victim in Singapore said she invested around $400,000 and has not been able to get any money back.
Fun Coffee, which claims on its website that it is a “lifestyle brand combining coffee, wellness and digital innovation into a community experience”, entered Singapore some time in 2025.
The Straits Times visited its registered address at 202 Jalan Besar on Aug 7 and found a coffee vending machine at the entrance. Handwritten instructions were attached to the machine, with directions on how customers can scan a QR code to make payment.
The police said members of the public should not make any further payments or transfers to the scheme, even when approached by those claiming to represent the business or through requests made via the Fun Coffee app.
The public should also consider it a red flag when a payment request is made via a private PayNow QR code, a personal mobile number or an overseas account. -- The Straits Times/Asia News Network
