No bail for Israelis in stock trading scam
![No bail for Israelis in stock trading scam](https://media.philstar.com/images/articles/nat2-israelis-stock-trading-scam_2018-06-08_20-47-01.jpg)
MANILA, Philippines — The Department of Justice did not recommend bail for eight Israelis arrested at the Clark Freeport Zone in Pampanga on Wednesday for alleged online stock trading scam.
“As per the report of the ACG (Anti-Cybercrime Group), the Israelis were detained with no bail,” Philippine National Police chief Director General Oscar Albayalde told a press briefing yesterday.
The Israelis, six of them identified as Ishay Shaulov, Elias Ohad, Ran Peled, Eliav Lugassi, Idan Hadad Yehuda and David Friefeld, are being held at Camp Crame.
Albayalde said the 474 Filipino employees, who were arrested along with the Israelis when ACG operatives swooped down on three buildings of the International Branding Development Marketing Inc., were released pending the result of the investigation. They were asked to submit their counter affidavits.
The company has been operating for two and a half years in the guise of a call center based in London.
The raids were conducted after three Australians and a South African sought police assistance, saying the company duped them into investing around $2 million.
Albayalde said the average transaction of the company is almost $1 million a day.
ACG director Chief Superintendent Marni Marcos said the Israelis would be charged with syndicated estafa and violation of Republic Act 10175 or the Anti-cybercrime Prevention Act.
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