Philippine authorities raid an alleged crypto scam facility
|- Officials have raided and arrested 277 employees of the accused firm - all of whom were Chinese nationals.
- Grapefruit Services Inc. was allegedly operating outside of the designated zone, violating Philippine financial regulations.
According to Inquirer.net - local Philippine news outlet - the police have raided the offices of an alleged crypto scam. The scam was targeting investors based in China. Agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided Grapefruit Services Inc. on September 11.
Reportedly, the officials received a tip from the Chinese Embassy, claiming that the company had already defrauded several thousands of investors in China. Jaime Morente, the Immigration Commissioner, said that the government of China canceled the passports of all employees, making them illegal workers in the Philippines. The authorities have arrested 277 Grapefruit employees, all of whom are Chinese citizens.
An anonymous source told Inquirer.net that Grapefruit is an authorized service provider of Golden Millennial Quickpay Inc. Ltd. The firm has obtained a license from the Cagayan Economic Zone Authority (CEZA). However, the news outlet stated that Grapefruit was operating outside of the designated zone, thus violating Philippine financial regulations.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.