In March 2022, Manivel, a disability support worker, found herself at Melbourne airport with a one-way ticket to Malaysia and nearly $11,000 in cash. Her journey took a surprising turn, stemming from an accidental transfer of over $10 million into her Commonwealth Bank account by Crypto.com. This incident went unnoticed for seven months until an audit revealed the error.
The Accidental Windfall
Manivel recently faced sentencing after pleading guilty to recklessly dealing with the proceeds of this extraordinary mishap. Her sentence included an 18-month community corrections order, six months of intensive compliance, unpaid community work, and the 209 days she had already spent in custody.
The story made global headlines when Crypto.com attempted to freeze Manivel’s assets to recover the misplaced funds. This occurred amidst a backdrop of uncertainty in the cryptocurrency market, mere months before the highly publicized collapse of its rival, FTX.
The Background Story: Manivel’s Journey to Australia and Financial Aspirations
Manivel’s journey to Australia began in 2015 when she left a controlling relationship in Malaysia with the hope of eventually bringing her three children to the country. She initially settled in Hay, New South Wales, and realized that financial stability was crucial for her plan.
Over the years, she took on various jobs, from motel cleaner to supermarket cashier, even working on a cotton farm and as a disability care worker. She also pursued additional qualifications, earning a certificate in aged care and pathology from Tafe.
Cryptocurrency Connection: Meeting Jatinder Singh and the Transfer Mishap
In 2018, she successfully brought her eldest daughter to Australia. Two years later, she met Jatinder Singh, who became her partner and shared an interest in cryptocurrency investment. Singh attempted to transfer money from Manivel’s bank account to Crypto.com for cryptocurrency purchase, but a mismatch between the account names caused the payment to be rejected.
The Million-Dollar Error: How a $100 Refund Turned into $10.47 Million
The crucial error occurred when a Crypto.com worker based in Bulgaria mistakenly entered the refund amount into an Excel spreadsheet under the refund field. What should have been a $100 refund transformed into a colossal $10.47 million transferred into Manivel’s account. Singh discovered the mistake the following day and instructed Manivel to transfer most of the money to a joint Westpac account, partly in cash and checks.
During the time between the transfer and Manivel’s arrest, they made significant purchases, including houses, vehicles, art, and furniture. Additionally, $4 million was sent to an overseas account. Crypto.com identified the error in December 2021 and began pursuing the Commonwealth Bank for the return of the funds.
Unanswered Calls: The Commonwealth Bank’s Attempts to Recover the Funds
Throughout January 2022, the Commonwealth Bank attempted to contact Manivel for the return of the money, but she believed these efforts were scams. Her interactions with the bank reinforced this belief when they suggested it might be a scam. She also claimed that Singh had told her he won the money through a Crypto.com competition.
Manivel was held in custody for 209 days until October of the same year. The judge noted that the money had been recovered, and there was no evidence of sinister intent until the Commonwealth Bank informed her of the error. However, her behaviour subsequently shifted to self-interest as she saw it as a shortcut to her financial goals, previously pursued through hard work.
Conclusion: The Aftermath and Lessons Learned
Manivel’s visa process faced uncertainty due to these proceedings, though she is now pursuing a bachelor’s degree in science. Singh has been charged with theft and is set to face a plea hearing on October 23.
The luxurious five-bedroom property in Victoria purchased for $1.35 million in February 2022 with the misplaced funds, was eventually sold for $1.27 million in December of the same year. Interestingly, it remained vacant and overgrown with weeds, indicating that no one had lived there.
Crypto.com declined to comment on the case but emphasized its commitment to evolving its internal processes for enhanced security and compliance since the incident occurred.
