A FILIPINO couple who duped nearly P900 million from 50 investors through electronic cash system called “Cryptocurrency Bitcoin” were arrested by authorities Tuesday.
Outgoing PNP chief Ronald dela Rosa said Arnel Ordonio, 27 and his wife Leonady Ordonio, registered owners of NewG, a company soliciting investments from unsuspecting investors, were arrested by members of the Criminal Investigation and Detection Group in Vigan City.
Dela Rosa said the Ordonios amassed through deceit about P900 million from the victims who were lured by the prospect of earning huge amounts of interest in a short span of time.
Police Director Roel Obusan, CIDG chief, said the couple fronted their method through their company that is structured similar to a pyramid scheme but in electronic form.
He said the couple would seek investment capital from prospective clients promising high returns of interest in a span of 16 days, in which an investor would earn P300,000 from a P1- million investment.
“At the start, they would give the said interest during the first and second tranches, but after that they would then disappeared,” Obusan said.
“This is a simple case of estafa and pyramiding because they have an upline and downline,” Obusan said.
Obusan said on YouTube, the couple can be seen at the second floor of their house throwing P500 bills, which could have enticed more victims to invest.
“That’s how they present themselves as earning so much by way of Bitcoin, but they are not connected to Bitcoin,” he said.
After receiving many complaints, the CIDG launched a manhunt and arrested the couple in an entrapment operation.
“It took many days and months before we finally arrested them,” Obusan said.
About 50 complainants trooped to Camp Crame on Tuesday asking the couple for the return of their investment.
The CIDG had filed syndicated estafa charges against the couple before the Department of Justice.
