PNP cautions public vs cryptocurrency investment schemes

Published April 10, 2018, 5:43 PM

by AJ Siytangco

By Martin Sadongdong

The Philippine National Police (PNP) advised the public Tuesday to be vigilant when engaging in online investment plans as a new scam involving the use of cryptocurrencies was discovered by authorities.

PNP Chief Ronald Bato Dela Rosa presents Arnel and Leonady Ordonio after they were nabbed by the PNP Criminal Investigation and Detection Group (CIDG) operatives in an entrapment operation after ammassing at least P900 million in alleged Bitcoin scam, at the Camp Crame in Quezon City, Tuesday. (ALVIN KASIBAN / MANILA BULLETIN)
PNP Chief Ronald Bato Dela Rosa presents Arnel and Leonady Ordonio after they were nabbed by the PNP Criminal Investigation and Detection Group (CIDG) operatives in an entrapment operation after ammassing at least P900 million in alleged Bitcoin scam, at the Camp Crame in Quezon City, Tuesday. (ALVIN KASIBAN / MANILA BULLETIN)

Director-General Ronald “Bato” dela Rosa, PNP chief, presented at PNP Camp Crame in Quezon City a couple who allegedly amassed over P900 million from at least 56 victims using cryptocurrencies, particularly bitcoin. They came face-to-face with over 50 victims of the new scam that trooped to the national police headquarters.

Dela Rosa identified the suspects as Arnel Ordonio, 27, and his wife, Leonady, who are the registered owners of NewG, a company which allegedly solicited investments from unsuspecting investors. The couple were arrested in an entrapment operation conducted by the PNP-Criminal Investigation and Detection Group (CIDG) last April 4.

“If you encounter a scheme that is too good to be true, that is already a scam. Don’t let yourself be fooled and back out immediately,” Dela Rosa said.

He added that he was speaking from experience as he was once victimized by a scam when he was a low-ranking police officer in Davao City.

Bitcoin scam

CIDG Chief Roel Obusan said the couple was using their NewG company online to attract investors where the range of amount of investment is between P90,000 to P160,000.

Obusan said the victims were easily lured because bitcoin investment has already become a new trend, and the suspects were promising them a 30-percent return of investment (ROI) within 16 days.

This means that if an investor placed a minimum of P90,000-investment, one will get a P27,000-ROI and the total money would be P117,000 in 16 days.

“During the first and second transactions, they will give you the promised return of investment. After that, they will be completely gone. This is a simple case of estafa and pyramiding,” Obusan said.

 
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