Indian Police Arrest 4 Crypto Fraudsters, Victims Lose Rp 1.3 Billion

Previously, Philippine security authorities successfully raided a business suspected of being used for crypto fraud. As a result, 99 employees including the company owner were arrested by the police.

The National Capital Region Police Office (NCRPO), a division of the Philippine National Police (PNP), revealed that 99 workers were arrested during a raid on an alleged crypto scam center in Parañaque City, Philippines.

NCRPO chief Maj. Gen. Jose Melencio Nartatez reported that police raided the office of AIA Corporation in Centrium Tower 1, Barangay Baclaran, following intelligence reports that the business was involved in cryptocurrency and romance scams. Among those arrested were three key figures: Nan Shan, the manager; Detu Su, the owner; and Wu Jian Bin, the supervisor.

64 of those arrested were foreigners, such as from China, Malaysia, and other countries. Meanwhile, 34 others were Filipinos who allegedly worked as customer service representatives (CSR).

“The investigation revealed that the company used its CSR to fraudulently portray a character, such as a wealthy model, that would attract potential victims to invest in a manipulated cryptocurrency trading/exchange platform, with the intent of defrauding,” said Jose Melencio Nartatez, citing Bitcoin.com, Friday (8/23/2024).

Further investigation revealed the company was not registered with the Philippine Securities and Exchange Commission. Filipino employees claimed they were coerced into participating in the scam and forced to perform dangerous roles.

“Upon conducting an investigation with them, the Filipino nationals stated that they (CSRs) were forced to work as con artists, while the models were forced to dress in a seductive manner and engage in lewd behavior, which would be depicted by the CSRs to lure their potential victims,” ​​he said.

Charges under the Cybercrime Prevention Act of 2012 and the Philippine Securities Regulatory Code are being prepared to ensnare the violators.