Couple behind Bitcoin scam allegedly amassed P900-M, says PNP chief

  • The couple behind the Bitcoin scam may have amassed a total of P900-M
  • They were arrested in Vigan City last week by the CIDG operatives
  • The couple is now facing syndicated estafa charges

MANILA, Philippines  –  The couple believed to be the mastermind behind the Bitcoin scam allegedly amassed at least P900-M from their hapless victims; this was according to the Philippine National Police (PNP) chief Director General Ronald ‘Bato’ Dela Rosa.

The PNP Criminal Investigation and Detection Group (CIDG) arrested in Vigan City last week Arnel Ordonio, 27, and his wife Leonady Ordonio; owners of NewG Investment Company offering investment to client with a promise of a hefty return in just a short time.

The couple were presented to the media at Camp Crame on Tuesday.

Dela Rosa said the Ordonios defrauded at least 50 people into investing in their company and have amassed at least P900-M investments in Bitcoin cryptocurrency.

CIDG chief Chief Supt. Roel Obusan explained the couple would lure their prospective clients to invest, say P1-M, and promised them 30% interest in just 15 days.

The suspects would initially give their clients the earnings during the first and second payout but would disappear eventually after that.

Obusan said the scheme is similar to pyramiding scam but using electronic currency.

One of the victims admitted she and her relatives collectively lost P29-M to the scam after investing in November last year. By December, trouble started after the Ordonios announced there was a problem via a social media post.

They were promised to receive their capital in tranches – P3-M every 5 days – in January and February but received nothing.

Charges of syndicated estafa has been filed against the suspect and 23 other “uplines” before the Department of Justice, but the CIDG is mulling to upgrade the case to economic sabotage.