NBI dismantles fraudulent trading operations
Operatives from the NBI Cybercrime Division and Special Action Unit dismantle a large-scale investment fraud ring during a raid in Makati City. The operation led to the arrest of 22 suspects at a Gil Puyat Avenue business plaza who allegedly used manipulated trading platforms and fabricated profits to deceive investors.
PHOTOGRAPH COURTESY OF NBI
The National Bureau of Investigation (NBI) has filed charges against 22 individuals allegedly involved in a large-scale online investment fraud operation operating out of a commercial office in Makati.
The case follows complaints that the group managed fraudulent online trading platforms designed to deceive investors using fabricated data.
According to the NBI, the platforms displayed manipulated account balances and false profit figures to create an illusion of high returns, which convinced victims to invest more money.
The suspects were arrested during a 30 March raid at an office along Gil Puyat Avenue. The operation, conducted by the NBI Cybercrime Division and Special Action Unit, followed weeks of surveillance and case buildup.
Prior to the raid, a Makati court issued search warrants on 26 March, allowing agents to examine computer data and seize digital evidence.
Charges were filed for alleged violations of the Securities Regulation Code in relation to the Cybercrime Prevention Act of 2012.
The NBI said the operation effectively dismantled the group’s activities.
Seized equipment and records are currently undergoing forensic analysis as authorities continue their investigation to identify additional victims and determine the full scale of the fraud.