5 Arrested in Illegal Crypto Investment Scheme in the Philippines

Five Arrested in Illegal Cryptocurrency Investment Scheme in Pangasinan San Carlos, Pangasinan – Philippine authorities announced the arrest of five individuals involved in an illegal cryptocurrency investment scheme operating in San Carlos, Pangasinan. The scheme, which began in 2022, offered investors a minimum investment of 30,000 pesos with a promised return of 10% monthly interest. However, the operation was conducted without the necessary permits, leading to the arrests. "This is a significant operation in our fight against financial crimes," stated a police official involved in the investigation. "We are committed to protecting the public from these types of schemes." During the raid, authorities seized computer equipment, cash, and other documents related to the scheme. The five suspects are currently facing charges under the Securities Regulation Code and the Cybercrime Prevention Act. The investigation is ongoing, and further arrests are possible. The arrests serve as a warning to potential investors to exercise caution and only invest in legitimate and regulated financial products. The success of this operation highlights the importance of reporting suspicious financial activities to the authorities.