31 arrested in the Philippines in connection to an online crypto scam

e_abrams

Senior Member
Joined
Jul 13, 2020
Posts/Comments
252
Received Likes
8
Location
Bulgaria
ETX
0
The Philippine police apprehended 31 people involved in a cryptocurrency scam. The group was called Roses 4U Inc. and scammed people through an online call center to solicit investments in foreign exchange, commodities and crypto currencies by offering them fake trading accounts. The vast majority of victims were foreign citizens.

The Philippine police Anti-Cybercrime Group along with agents from the Philippine Securities and Exchange Commission (SEC) and the Anti-Money Laundering Council raided the offices of the company in Cavite and Pasay City, which led to these arrests.

An interesting detail is that the company in question, Roses 4U Inc., was properly registered with the Philippine SEC, but had no license to offer or sell securities.
Source
I really hope that as more and more mainstream companies enter the crypto industry, regulators will put in the effort to curb the ubiquitous scams that are also an unfortunate part of it.