Filipino Couple Nabbed in 900 Million Bitcoin Scam

Philippine National Police (PNP) chief Director General Ronald dela Rosa announced last Tuesday that they have arrested a man and a woman who had scammed more than 50 investors out of their Bitcoin which amounted to a total of 900 million.    

Criminal Investigation and Detection Group (CIDG) chief Director Roel Obusan said that the couple ran a pyramid scheme with a company called “NewG” where victims were promised a payout every 15 days. The two were able to bait a number of investors using middlemen due to the Bitcoin hype.

The PNP CIDG said that they have already filed syndicated estafa charges against the Ordonios.  Obusan added that they are also considering raising the charges to economic sabotage.

Source: Rappler

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