Couple behind P900-M ‘cryptocurrency investment scam’ falls

MANILAPhilippine National Police (PNP) Director General Ronald dela Rosa on Tuesday presented a couple accused of swindling more than 50 victims of more than PHP900 million in investments and promised profits in a cryptocurrency scam.

The Criminal Investigation and Detection Group (CIDG) said suspects Arnel and Leonady Ordonio lured investors through the company NewG, which solicited investments by enticing them with a scheme guaranteeing 30 percent of profit within 16 days from the initial deposit.

CIDG operatives arrested the couple last April 4 and presented them for inquest proceedings. The CIDG said the scheme itself did not actually involve Bitcoin but pretended to be an investment scheme for the cyber currency.

Some of the 50 victims who went to the PNP during Tuesday's press briefing said the couple actively promoted their investment scam through social media.

Some of the victims said they had invested their life savings from their employment as overseas Filipino workers (OFWs).

"More or less PHP900 million have been amassed from the victims who believed in the couple's false promise of huge amount of interest in a short span of time," Dela Rosa said.

The suspects, who are now facing charges of syndicated estafa, declined to answer questions from the media. (PNA)

Source: Philippine News Agency

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