The Philippine National Police Anti-Cybercrime Group on Tuesday announced the arrest of 63 individuals, including a foreign national, in connection with a large-scale online investment scam operation in Pasig City.
During a press briefing at Camp Crame, ACG chief Wilson Asueta said authorities implemented a Warrant to Search, Seize, and Examine Computer Data against suspects allegedly involved in the scam.
Among those arrested was a 55-year-old foreign national identified only by the alias “Boss,” whom police described as the mastermind behind the operation.
The operation stemmed from complaints filed by victims who said they were enticed by online advertisements and persuaded by individuals posing as trading assistants and investment advisers to invest money in an online platform.
Asueta said operatives discovered an organized scheme involving marketing personnel, telesales agents, and retention agents tasked with convincing victims to invest in “XTRADE,” an online trading platform, through scripted communications using messaging apps and online channels.
“According sa ating Securities and Exchange Commission itong XTrade trading platform then yung KLSG call center they are not registered sa SEC. Pinangalanan ko na kasi wala naman juridical personality kasi they are not registered under our Philippine jurisdiction,” Asueta said.
“These are employees but they actively participated sa scheme so that’s why they were included in arrest but they platform na ito using celebrities for their promotions. So they have fake advertisement. Pinepeke nila pictures ng celebrities,” he added.
Investigators found that the suspects allegedly used fake identities, manipulated victims into continuously depositing money, and controlled withdrawal requests to create the illusion of legitimate trading activities.
Authorities also discovered that the group falsely presented itself as a call center and trading-related company despite not being registered with the Securities and Exchange Commission and lacking authority to solicit investments or engage in securities-related activities.
The suspects are facing multiple charges, including violations of the Cybercrime Prevention Act of 2012, the Securities Regulation Code, the Anti-Financial Account Scamming Act, and the Revised Penal Code.
Police also discovered that the foreign national had an existing warrant of arrest issued by the Pasig City Regional Trial Court involving 70 counts each of violations under the National Internal Revenue Code, with recommended bail totaling P8.4 million.
The warrant was later served at the ACG custodial facility on 25 May.
Asueta commended operatives involved in the operation and urged the public to remain vigilant against online fraud schemes.
“This operation underscores our firm commitment to unmasking cybercriminals and protecting the public from online fraud and scams. We urge everyone to remain vigilant and to report any information related to illegal online activities to the nearest PNP ACG office for prompt and appropriate action,” he said.
