277 Chinese Arrested For Involvement In Crypto Scam In Philippine

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  • 277 Chinese Arrested For Crypto Scam

At Pasig city in Philippine, on Sept. 11, Philippine Bureau of Immigration led a raid which ended in the arrest of 277 Chinese individuals involved in a Crypto scam.

277 Chinese Arrested For Crypto Scam

Officials of the bureau investigated Grapefruit Services Inc., an authorized service provider for Golden Millennial Quickpay Inc. Ltd. – an offshore company providing cryptocurrency services that are licensed to operate in the Philippines by the Cagayan Economic Zone Authority (CEZA).

The raid was followed after the tip from the Chinese government. Grapefruit Services Inc. has been accused of defrauding over 1000 Chinese residents. Grapefruit was run by around 277 Chinese employees and those all are now under arrest ny Philippines.

Grapefruit was insecurely promoting the investment scam, focused over Chinese individuals. Initially only for accused were arrested but later 273 more arrests followed during the investigation.

This scam has focused the Philippines government to take a more deep look at a cryptocurrency exchange in the country. Philippine Bureau of Immigration now monitoring few more of such cases.

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