Real estate developer Sacha Singh, a major investor of the self-proclaimed “Crypto King,” testified on Wednesday about his initial impressions of Aiden Pleterski and how he gradually invested substantial sums of money based on promises of high returns. Singh recounted meeting Pleterski, who was then 27 years old, at a restaurant in Pickering, Ontario, in the spring of 2021, where he found Pleterski to be a promising figure in the crypto industry.
Singh’s investment journey with Pleterski began with a $10,000 cash contract in April, leading to a series of 22 investment contracts totaling over $4.5 million within the following ten months. Most of these contracts were supported by wire transfer receipts, with amounts ranging from $10,000 to $1.3 million, while a few were noted as being paid in cash.
Among the 11 investors who testified on behalf of the Crown, Singh was the highest contributor, providing Pleterski with a significant sum to trade on his behalf. The Crown’s case revolves around allegations that Pleterski falsely guaranteed returns on investments but never actually traded the funds, diverting the money for personal use, which reportedly included luxury purchases and extravagant expenses.
Singh, like other investors, received updates from Pleterski on weekly gains from trading activities in foreign exchange and cryptocurrency. Despite recording substantial calculated gains on his investments, reaching over $26 million by March 2022, Singh revealed that he did not receive most of the returns promised by Pleterski. However, he did receive a partial amount back when he requested a withdrawal, with a portion going towards Pleterski’s trading fees as per the investment agreements.
As suspicions grew, Singh confronted Pleterski regarding the source of the returns received, leading to revelations that Pleterski had been using personal funds to pay investors due to issues with the trading platform. Pleterski claimed to be liquidating assets to fulfill obligations but acknowledged facing financial difficulties.
Additionally, Singh was shown a video of Pleterski’s purported trading account balance exceeding $311 million by another investor, Mitchell Learning, who also testified in the trial. Learning’s investigation uncovered discrepancies in Pleterski’s claims, eventually leading to Pleterski admitting to running a Ponzi scheme after significant trading losses.
Pleterski, representing himself in court, has faced multiple accusations of fraud and money laundering, with the trial ongoing as further testimonies shed light on the alleged scheme. Arrested in May 2024 following investigations by law enforcement agencies, Pleterski is accused of orchestrating a Ponzi scheme involving millions of dollars.
The trial proceedings are scheduled to resume on Friday, continuing to unravel the intricate web of financial deception associated with the “Crypto King” saga.