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.

Rajarshi Mitra Independent Analyst

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.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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