19 nabbed for cryptocurrency scheme

MANILA, Philippines — Police have arrested 19 members of a criminal ring allegedly involved in an illegal cryptocurrency scheme in Quezon City.

The Philippine National Police (PNP) has filed charges against the suspects for violating the Securities Regulation Code and Republic Act 10175 or the Cybercrime Prevention Act before the Department of Justice.

PNP officer-in-charge Lt. Gen. Vicente Danao Jr. reminded people not to fall prey to dubious business ventures promising a huge amount of investment returns within a short period.

“If you encounter anything like this, don’t hesitate to report to authorities,” Danao said.

A source said the suspects, two of whom are foreigners, were arrested by operatives of the Anti-Cybercrime Group in an entrapment operation at a hotel in Cubao on June 11.

The operation stemmed from the information from the Securities and Exchange Commission that the suspects were operating a cryptocurrency scheme without a permit.

The source said the group would invite people to classes on how to invest using cryptocurrency.

The suspects then ask their recruits to get more people to invest in their company, promising a 10 percent share in earnings.