Anticybercrime operatives of the Philippine National Police (PNP) have arrested eight Israeli nationals and almost 500 employees engaged in million-dollar online stocks trading scam, police chief Dir. Gen. Oscar Albayalde said on Thursday.
Albayalde said the PNP-Anticybercrime Group (ACG) on Wednesday raided International Branding Developement Marketing Inc., which ran a call center inside the Clark Freeport Zone in Pampanga.
Operatives nabbed 474 employees caught in the act of communicating and doing online transactions with “clients” from Europe, New Zealand, Australia, South Africa and Russia.
He said the syndicate entices possible victims by asking them to invest AU$250 (P10,000) in bitcoins then later on prod them to invest more in stocks.
On average, the company generates about US$1 million (P50 million) per day, Albayalde said.
IBDM has been operating in the country for two and a half years and has about 1,000 employees, the police chief said.
The company is located in a three-building hub inside the freeport, exempting them from paying taxes.
ACG head Chief Supt. Marni Marcos said the arrest was made after four victims from Australia and South Africa filed complaints before the police.
Marcos said the victims sought help from authorities after getting information defectors from the company that the scammers were operating in the Philippines.
The suspects have been charged with syndicated estafa. /vvp