Ploutos Coin Founder Arrested After 22 Warrants
Philippine National Police arrested the founder of Ploutos Coin in Pasay City after seven years on the run. He faces 22 arrest warrants including 12 counts of syndicated estafa and 8 Securities Regulation Code violations.
Key Takeaway
Seven years after launch, authorities finally caught the Ploutos operator who scammed police officers and thousands of Filipino investors.
The Criminal Investigation and Detection Group arrested the Ploutos Coin founder Tuesday morning at a Pasay City mall parking basement. The 37-year-old suspect had been dodging authorities since launching the trading club in Cagayan de Oro in 2018.
He faces 22 warrants from regional trial courts in Cagayan de Oro, Misamis Oriental, and Zamboanga City. The charges include 12 counts of syndicated estafa, 2 counts of large-scale swindling, 2 counts of estafa, and 8 violations of the Securities Regulation Code. Ten of those warrants carry no bail.
CIDG Director Maj. Gen. Robert AA Morico said the suspect promised huge returns through Ploutos Coin investments but lacked any license to solicit funds from the public. The scheme pulled in millions of pesos from thousands of victims across Visayas and Mindanao. Investors included retired and active police officers who poured their savings into the scheme.
The Securities and Exchange Commission posted an advisory about Ploutos Coin on its website within days of the July 2018 launch. By October 2018, the DILG had listed the suspect among its National Level Most Wanted Persons with a reward of approximately ₱406,378 ($6,800).
PNP Chief Gen. Jose Melencio C. Nartatez Jr. said the operation reflects continuous improvement of investigative and operational capabilities. The warrants were issued across multiple years starting in 2019.
