Cross-Border Crypto Scam Foiled! 7 Suspects Nabbed in NBI Raid

The National Bureau of Investigation (NBI) arrested seven individuals in a raid linked to a cryptocurrency scam aimed at defrauding victims in the U.S., Middle East, and Europe.

Key details: 

• On September 28, 2024, seven individuals were arrested in Barangay Salapungan, Angeles City, Pampanga, Philippines, for Computer-Related Fraud under the Cybercrime Prevention Act of 2012.
  • They were allegedly involved in various scams targeting victims globally:
    • Social engineering
    • Love scams
    • Impersonation
    • Phishing
    • Malicious websites
• The NBI executed a search warrant, resulting in the seizure of numerous computers, cellular phones, and documents related to their illegal operations.

The numbers: During the operation, 85 desktop computers and 114 mobile phones were seized.

How it works: The scam involved utilizing deceptive online platforms and tactics to lure victims into investing in fraudulent cryptocurrency schemes, often exploiting emotional vulnerabilities and trust.

Key quote:

“Naghahanap sila ng potential investors na foreigners, American o European. Usually yung retired ang gusto nila, yung walang ginagawa. Alam nila may pension.”

Jun Carpreso, Director, NBI Region 3

(Translation: They are looking for foreign investors, American or European. Usually, they want a retired person who is doing nothing. They know those foreigners have pensions.)

However: While these arrests are a positive step, the persistent rise in cryptocurrency scams indicates that significant challenges remain in effectively deterring cybercriminals and prosecuting these complex fraud cases.

What’s next: The suspects are facing inquest proceedings, which may lead to further investigations into a larger network involved in cryptocurrency fraud, potentially revealing more sophisticated schemes targeting unsuspecting investors.

Worth reading: Last month, the Philippine National Police also raided a suspected cryptocurrency scam hub in Parañaque City, arresting over 400 workers, including 48 Chinese nationals, for engaging in fraudulent online activities, such as investment and love scams, under the guise of a licensed offshore gaming operator.

This article is published on BitPinas: Cross-Border Crypto Scam Foiled! 7 Suspects Nabbed in NBI Raid

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