7 nabbed for cryptocurrency fraud in Pampanga

MANILA, Philippines — Criminal cases were filed against seven people who were arrested in Angeles City, Pampanga for cryptocurrency fraud targeting foreigners, the National Bureau of Investigation reported on Friday.

NBI director Jaime Santiago said cases of computer-related fraud under Republic Act 10175, or the Cybercrime Prevention Act, were filed against Arnel Dayrit, Reniel Pabalan, Sharlene Agustin, Amanda Eunice Turalde, Mark Jhondell Padua, Vanesa Agustin and Kay Ann Pabalan.

The suspects were apprehended during a raid at FXTM USDT Forex Trading in Barangay Salapungan on Sept. 20 in response to reports that the company was engaged in a cryptocurrency scam targeting foreigners from the United States, Middle East and Europe.

Santiago said FXTM uses social engineering, love scam, impersonation scam, phishing links and malicious websites to lure people to invest in its cryptocurrency platform.

The company was under surveillance for two months before the NBI implemented a warrant to search, seize and examine computer data.

At least 85 desktop computers, 114 cell phones, various subscriber identity module (SIM) cards and documents, which contained e-mails, passwords and cryptocurrency wallet addresses were seized from the suspects.