Philippine police raid cryptocurrency scam center, arrest 99 people

2024-08-23 16:41:41

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ChainCatcher news, the Philippine National Police (PNP) arrested 99 individuals suspected of involvement in cryptocurrency and romance scams during a raid in Parañaque City. The unregistered company forced both foreign and local employees to engage in illicit activities.

Investigations revealed that the company used customer service representatives to impersonate wealthy models and other roles to deceive victims into investing in manipulated cryptocurrency trading platforms, demonstrating clear fraudulent intent.

Police identified 64 foreign nationals and 32 Filipino employees as customer service representatives involved in the scam. Key figures include company manager Nan Shan, owner Su De Tu, and supervisor Wu Jian Bin. Those involved will face charges under the Cybercrime Prevention Act of 2012 and the Philippine Securities Regulation Code.

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