CAVITE-Authorities have arrested a 23-year-old man:uthorities have arrested a 23-year-old man, known as the “cryptocurrency scam king,” for allegedly defrauding investors of up to PHP600 million through a sophisticated investment scam. The arrest occurred in Barangay San Juan, Noveleta, Cavite around 8 p.m. on Monday.
According to Philippines News Agency, the suspect, who goes by the alias “Joshua,” was captured with two arrest warrants for estafa under Article 315 of the Revised Penal Code issued by local courts in Makati and Parañaque. During a press briefing at Camp Crame, Quezon City, Col. Marlon Quimno, director of the Criminal Investigation and Detection Group (CIDG) National Capital Region (NCR), detailed the arrest and subsequent charges.
Col. Quimno explained that Joshua’s operations extended beyond typical cryptocurrency scams, involving large sums siphoned off to casinos. “He would entice victims with the promise of high returns on investments, but would then divert the funds without any intentio
n of returning them,” Quimno stated.
The CIDG has also uncovered a database of potential victims maintained by Joshua, indicating the premeditated nature of his scheme. Despite posting bail for a prior complaint, the suspect faces ongoing legal challenges, with authorities urging additional victims to come forward to support more comprehensive charges.
A new case of large-scale estafa, a non-bailable offense, is being prepared against him, targeting the substantial fraudulent activities linked to his operations. The modus operandi involved luring investors to download a specific cryptocurrency app, promising high returns. Investors would see their supposed earnings increase rapidly within the app, encouraging further investments. However, when attempts were made to withdraw funds, the app would block such transactions, revealing the fraudulent nature of the scheme.
Col. Quimno warned the public about the allure of high-return investments that seem too good to be true, suggesting a high probability of fraud
ulent intent behind such offers.