Crypto Scammer With 22 Warrants Arrested in Pasay Mall
The suspect's scheme, which launched in Cagayan de Oro in 2018, promised huge returns through a digital currency called Ploutos Coin and drew millions from investors across Visayas and Mindanao, including retired and active police officers.
Key Takeaway
Even police officers lost life savings to a crypto scam SEC flagged within days of launch.
CIDG officers arrested a 37-year-old man at a Pasay City mall parking lot last Tuesday morning, ending a manhunt for the alleged founder of a cryptocurrency investment scheme that defrauded thousands.
The suspect faces 22 arrest warrants from regional trial courts in Cagayan de Oro and Zamboanga. Ten of those warrants are non-bailable offenses, including 12 counts of syndicated estafa, two counts of large-scale swindling, and eight counts of violating the Securities Regulation Code. DILG listed him as a National Level Most Wanted Person last October.
CIDG Director Maj. Gen. Robert AA Morico said the suspect launched a trading club in Cagayan de Oro in 2018, promising huge returns through a digital currency called Ploutos Coin. The scheme drew millions from victims across Visayas and Mindanao, with operations concentrated in Cagayan de Oro and Zamboanga. Investors included retired and active police officers who poured their savings into the operation.
The Securities and Exchange Commission posted an advisory on its website within days of the 2018 launch, warning that the entity was not registered and lacked a license to solicit investments from the public. The warrants came from Regional Trial Court Branches 20, 39, 18, and 21 in Cagayan de Oro, plus Branch 33 in Zamboanga City.
PNP Chief Gen. Jose Melencio C. Nartatez Jr. said the operation reflects the continuous improvement of investigative and operational capabilities which translates to effective law enforcement. The arrest underscores Philippine authorities' response to growing scrutiny over the country's role as an infrastructure hub for cryptocurrency fraud operations affecting victims globally, with Branch 33 in Zamboanga City handling one set of the 22 warrants.
🇵🇭 What This Means for Filipinos: The case exposes how vulnerable Philippine public sector workers are to unlicensed crypto schemes. Unlike BSP-regulated platforms such as PDAX that operate under strict oversight, unregistered investment entities offering outsized returns through unlicensed tokens present high fraud risk.
This article was written based on reporting from Mb.
