Crypto scammers nabbed after allegedly stealing P100M from victims

The Philippine National Police - Criminal Investigation and Detection Group arrested a self-proclaimed “cryptocurrency king” who allegedly stole more than P100 million from his victims in an online investment scam.

According to a “Saksi” report by Marisol Abdurahman on Thursday, the PNP-CIDG was able to arrest the suspect and hos companion in an entrapment operation in Parañaque City.

The suspect allegedly encouraged his victims to invest in his cryptocurrency account and provided at least two cash payouts before disappearing.

“Ang kaniyang promise with the complainants is the investments shall earn monthly interest of 4.5%,” said PNP-CIDG Legal Department chief Police Colonel Thomas Valmonte.

The police also said that a complainant, who lost P50 million in the scheme, was able to contact the suspect a year after the scam and was asked for an additional P826,000 “processing” fee.

At least 10 victims have surfaced to file complaints against the suspects, who will be facing charges of estafa on top of an additional lawsuit for evading capture during their first entrapment operation last Tuesday.

Meanwhile, the Presidential Anti-Organized Crime Commission said that it would be extremely difficult to catch suspects behind online scamming operations due to their anonymous nature.

“Nakatago ka sa fake identity tapos online ka pa. Even sa record ng Philippine National Police, mas mataas ang online crimes natin kesa sa ordinary crimes,” said PAOCC Executive Director Undersecretary Gilbert Cruz.—Jiselle Anne Casucian/LDF, GMA Integrated News