MANILA: An illegal cryptocurrency scheme was crippled in Quezon city with the arrest of 19 suspects.
The suspects, who include two foreigners, were nabbed by the Philippine National Police (PNP) in Cubao on June 11, the Philstar.com portal reported.
Charges have been filed against the suspects for violating the Securities Regulation Code and Republic Act 10175 or the Cybercrime Prevention Act before the Department of Justice.
PNP officer-in-charge, Lieutenant General Vicente Danao Jr, reminded the public not to be duped by dubious business ventures that promise huge returns within a short period.
"If you encounter anything like this, don't hesitate to report to the authorities," Danao said.
In the recent bust, operatives of the PNP Anti-Cybercrime Group conducted an entrapment operation at a hotel in Cubao.
The operation stemmed from information received from the Securities and Exchange Commission that the suspects were operating a cryptocurrency scheme without a permit, a source revealed.
Reportedly, the group would invite people to classes on how to invest using cryptocurrency and then ask their recruits to get more people to invest in their company, promising a 10 percent share in earnings.