In the Philippines, 277 employees of a fraudulent cryptocurrency firm arrested

In the Philippines, 277 employees of a fraudulent cryptocurrency firm arrested

Philippine police raided the offices of fraudulent cryptocurrency company Grapefruit Services Inc., focused on the Chinese market. A total of 277 people were arrested.

Raids took place in the city of Pasig on September 11. Several law enforcement agencies of the country took part in the arrests at once: the migration service, the presidential anti-corruption commission, and the monitoring and security operations group of the National Police.

The Chinese Embassy informed the Philippines that the company had tricked thousands of investors in mainland China. All Chinese citizens working at Grapefruit have their passports canceled, making their stay in the Philippines illegal.

Grapefruit is an official service provider of Golden Millennial Quickpay Inc., which is licensed from the Cagayana Special Economic Zone (CEZA). In April 2018, the Philippine authorities allowed the activities of cryptocurrency companies in this zone, but Grapefruit worked outside its borders, which means it violated the laws of the Philippines.

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Recall that in early September, the organizer of a multi-million dollar fraudulent scheme in which money was collected in bitcoins was killed in India. The police managed to find out that his accomplices did it.


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