Authorities arrested 63 individuals, including a foreign national identified as the alleged mastermind, during a joint operation against a large-scale online investment scam hub in Pasig City, the Philippine National Police Anti-Cybercrime Group (PNP-ACG) said.
The operation was conducted on May 20 by the PNP-ACG, together with the Presidential Anti-Organized Crime Commission, Department of Justice Office of Cybercrime, Securities and Exchange Commission, and Barangay San Antonio officials.
Police said the raid was carried out through a warrant to search, seize, and examine computer data against individuals allegedly involved in an online investment scheme.
Among those arrested was a 55-year-old foreign national known by the alias “Boss,” who authorities identified as the head of the operation.
The case stemmed from complaints filed by victims who said they were lured into investing money after seeing online advertisements and being contacted by people posing as trading assistants and investment advisers.
During the operation, authorities uncovered what they described as an organized setup composed of marketing personnel, telesales agents, and retention agents. Their alleged role was to convince victims to invest in XTRADE, an online trading or investment platform, through scripted messages sent via messaging apps and other online channels.
Investigators said the suspects used fake identities, persuaded victims to keep depositing money, and controlled withdrawal requests to create the appearance of legitimate trading activity.
Authorities also found that the group allegedly presented itself as a call center and trading-related company. However, verification showed that KLSJ Call Center Services and XTRADE were not registered with the SEC and had no authority to solicit investments or engage in securities-related activities.
The arrested suspects are facing complaints for alleged violations of the Cybercrime Prevention Act of 2012, the Financial Products and Services Consumer Protection Act, the Securities Regulation Code, the Anti-Financial Account Scamming Act, and the Revised Penal Code provision on using fictitious names and concealing one’s true name.
Further validation showed that the foreign suspect also had a pending arrest warrant issued by the Pasig City Regional Trial Court for 70 counts of violation of Section 254 of the National Internal Revenue Code and 70 counts of violation of Section 255 of the same law.
Police said the recommended bail was set at P60,000 per count, or a total of P8.4 million. ACG operatives implemented the warrant against the foreign suspect at the ACG custodial facility on May 25.
PNP-ACG director Maj. Gen. Wilson Asueta commended the operating units for the coordinated effort, saying the operation formed part of the campaign against cyber-enabled fraud.
“This operation underscores our firm commitment to unmasking cybercriminals and protecting the public from online fraud and scams,” Asueta said.
He urged the public to remain vigilant and report suspicious online investment activities to the nearest PNP-ACG office for immediate action.