MANILA, Philippines - Operatives of the Philippine National Police Anti-Cybercrime Group (ACG) busted on Thursday an alleged boiler room operation in Makati City with the arrest of 27 people.
ACG chief Senior Superintendent Gilbert Sosa said the arrest of 27 telemarketers was made on the strength of a search warrant issued by Manila Regional Trial Court Judge Lyliha Abella-Aquino.
Sosa said the search warrant was served at around 2 p.m. at the office of Jirah Security System located at Unit 801, 8th Floor, Praise Tower Santillan Street in Barangay Pio Del Pilar.
He explained that a boiler room is operated by expatriates hiring local employees to work as telemarketers.
He said these telemarketers would call up retirees, pensioners and lottery winners abroad and entice them to buy stocks.
Once a potential victim agrees, the telemarketers will then send instructions on how to make the payment through a bank.
Under police questioning, Sosa said the telemarketers admitted they were employees of Jira Security System, which they said was engaged in selling stocks.
Confiscated from the suspects were computer sets, telephone sets, telephone box switch, routers and lists of their possible victims.
The suspects will be charged with syndicated estafa.
Sosa said the company has no business permit and was operating in violation of securities and exchange laws.