Bitcoin has been used as a front by a Filipino couple to scam more than 50 victims in the Philippines.
Mr. Arnel Ordonio, 27 and his wife Ms. Leonady Ordonio were caught in an entrapment operation in Vigan City on April 4, 2018. The couple fronted their scheme using the company named NewG.
In a press conference by PNP Chief Director Ronald “Bato” Dela Rosa on April 10, 2018, “NewG” may have amassed more than Php 900 million from their victims. From a report on local TV, it’s possible that the couple amassed an amount close to Php 2 billion from victims who have yet to surface.
The couple enticed individuals with a promise of profit within 16 days. Interest amounts to at least 30%. At first, the payouts are given. However, typical to any investment scams, the money will be gone after that. The Php 900 million amount is just the raw capital of the victims and doesn’t include promised “profit”. As the PNP Director mentioned, it was a simple case of estafa.
One of the 50 victims took the podium in Camp Crame to share what happened in her Php 29 million investment in NewG. She shared that in December 2017, Mr. Ordonio revealed on Facebook that they’re having problems and couldn’t give out their “salary”. The scam couple promised this issue to get fixed by January. The victim got a hold of the couple on February 28 and got another promise of Php 3 million every 5 days to give back their capital but to no avail.
PNP Chief Director Ronald “Bato” Dela Rosa also shared his experience about these schemes by saying that “if it’s too good to be true, it probably is.”
“I know what a scam is because of I was also a victim of it before,” – PNP Chief Director Ronald “Bato” Dela Rosa