Philippines Deports Mastermind of $33 Million Bitcoin Pyramid Scheme

Bitcoin fraud scam ico

The Bureau of Immigration of the Philippines had requested the deportation of a South Korean countrywide who is wished in South Korea around his involvement in a bitcoin pyramid scheme.

Recognized as Go Yongsung, the South Korean was arrested in the metropolis of Las Pinas. According to Jaime Morente, a Bureau of Immigration Commissioner, the arrest was performed by the Fugitive Search Unit of the federal government agency. A warrant had now been issued by a district court docket in South Korea for his arrest prior to his capture, in accordance to Manila Bulletin.

For each paperwork obtained from the authorities, Go and other accomplices defrauded South Koreans of around US$33 million by promising huge returns if they invested in bitcoin between December 2015 and June 2016. According to the authorities Go, who is 48, made use of a business which was running in Pasay Town as a front in his fraudulent plan.

Crackdown on Fugitives of Justice

Right after the arrest, Morente warned that the bureau would not relent in its efforts to guarantee criminals faced justice irrespective of which jurisdiction they fully commited their crimes in.

“We reiterate our warning to all international criminals who are hiding in the region. The long arm of the regulation will finally capture you and we will send you back to your homelands so you will be meted punishment for your crimes,” explained Morente.

Other than the South Korean nationwide, the Bureau of Immigration of the Philippines also nabbed one more fugitive of justice, a Chinese nationwide. Named Lian Lilong, the Chinese countrywide who is also established to be deported, was, nonetheless, on the operate for unspecified financial crimes.

Unsustainable Confirmed Returns

As CCN has beforehand described, a few of bitcoin pyramid techniques have been unearthed in South Korea in the past couple of many years. In April this year, for occasion, two unnamed men and women have been fined thousands and thousands of dollars by a court docket in South Korea for functioning these types of a plan and creating close to US$24 million in the system from unsuspecting investors.

Past year in November, 7 South Koreans have been also arrested in Jeonbuk Province for a running a Ponzi scheme which created close to US$38 million around a period of time of underneath 24 months. Just like with most bitcoin pyramid strategies the world in excess of, the fraud that the seven were being functioning was promising investors assured returns of up to 200%.

The scheme experienced commenced operations in January 2016 and largely focused middle-aged investors. According to law enforcement, almost 4,000 investors lost their dollars to the fraudsters.

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