Philippines busts cryptocurrency gang using romance scams, arrests 99 people

BlockBeats news, on August 23, according to Bitcoin.com, the Philippine police arrested 99 people in a raid in Parañaque City, smashing a criminal gang that used love scams to defraud cryptocurrencies. Police investigations showed that the company used employees to pretend to be wealthy models to lure victims into investing in fake cryptocurrency platforms.

Major General Jose Melencio Nartatez, director of the National Capital Region Police Headquarters (NCRPO) of the Philippines, reported that the police raided AIA's office in Barangay Baclaran Centrium Tower 1. Those arrested included the company's manager, boss and supervisor. The company involved was not registered with the Philippine Securities and Exchange Commission, and employees said they were forced to participate in the fraud. Currently, the relevant personnel will face charges under the Cybercrime Prevention Act of 2012 and Philippine securities regulations.