277 Chinese nabbed for cryptocurrency scam

MANILA, Philippines — Government agents have arrested 277 Chinese during a raid on a Chinese-manned firm in Pasig City allegedly involved in cryptocurrency scam.

Three of the suspects – Chen Xianfeng, 42; Wang Changsen, 27, and Qin Shuxin, 24 – are wanted in China for P700-million investment fraud, according to the Volunteer Against Crime and Corruption (VACC).

The Chinese government has cancelled the passports of the trio, who will be deported to China this week.

VACC chairman Dante Jimenez believes that some government agencies are in cahoots with the suspects’ illegal activities in the country.

The suspects’ arrest came after a memorandum of agreement was signed between the Presidential Anti-Corruption Commission and China’s National Supervision Commission.

Authorities raided the suspects’ office in Ortigas Center on Sept. 11 following a tip from the Chinese embassy in Manila.

Lawyer Tobias Javier of the Bureau of Immigration said the Chinese entered the country with tourist visas, which were converted into working visas by their employer at the Cagayan Economic Zone Authority.