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Manila Bulletin devider Philippines devider National devider Man with 22 arrest warrants for digital currency 'investment scam' arrested in Pasay

Man with 22 arrest warrants for digital currency 'investment scam' arrested in Pasay

Published Mar 11, 2026 01:35 pm
A CIDG operatives serve the arrest warrants against an alleged founder of a cryptocurrency investment group during a follow-up operation in Pasay City. (photo: CIDG)
A CIDG operatives serve the arrest warrants against an alleged founder of a cryptocurrency investment group during a follow-up operation in Pasay City. (photo: CIDG)
A 37-year old alleged founder of a digital currency investment scheme that allegedly duped a number of people in the Visayas and Mindanao with millions of pesos of money was arrested in a follow-up operation in Pasay City, the Philippine National Police (PNP) said on Wednesday, March 11.
PNP chief Gen. Jose Melencio C. Nartatez, Jr., chief of the Philippine National Police (PNP), said the arrested suspect has 22 arrest warrant for cases relating to syndicated estafa and violations of Republic Act 8799, or the Securities Regulation Code, while one case involves large-scale swindling.
Out of these arrest warrants, 10 of them are non-bailable offenses.
The cases include 12 counts of syndicated estafa, two counts of large-scale swindling, two counts of estafa, and eight counts of violations of the Securities Regulation Code (SEC). The issuing courts are Regional Trial Court Branches 20, 39, 18, and 21 in Cagayan de Oro City, Misamis Oriental, and Branch 33 in Zamboanga City.
“This operation reflects the continuous improvement of our investigative and operational capabilities which translates to effective and efficient law enforcement,” Nartatez said.
Operatives of the Criminal Investigation and Detection Group (CIDG) carried out the operation on Tuesday morning after police monitored the presence of the fugitive at the basement parking of a mall in Pasay City.
The arrested suspect was listed among the DILG National Level Most Wanted Persons as of October last year with a P400,000 reward for his arrest.
CIDG director Maj. Gen. Robert AA Morico said the arrested suspect is the founder of a trading club launched in Cagayan de Oro in 2018.
He said that the suspect is allegedly involved in the investment of “Ploutos Coin,” a kind of cryptocurrency or digital currency similar to bitcoin, he allegedly promised his potential investors huge returns, thus, received millions of investments.
Morico said a few days after the trading club was launched at a mall in Cagayan de Oro City, the Securities and Exchange Commission (SEC) posted on its website an advisory indicating that the entity is not registered with their office.
“As such, it does not hold the license to solicit investments from the public,” said Morico.
Morico said the scale of the scam was very significant - involving millions of pesos from thousands of victims and members across the Visayas and Mindanao- most dominantly in Cagayan de Oro and Zamboanga.
“Investors included a wide range of individuals, notably retired and active police officers who poured their savings into the scheme,” said Morico.
Nartatez praised the operating units for their coordinated work and professionalism, particularly the CIDG Detection and Special Operations Unit (DSOU) headed by Lt. Col. Gene M Licud.
He said the arrest highlights the continuing improvements in police investigative and operational work.
Morico, for his part, encouraged other victims to contact the CIDG for filing of the cases.
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