$33M Crypto Pyramid Scheme Fugitives Deported By Philippine Bureau Of Immigration

The Philippine Bureau of Immigration (BI) has deported South Korean and Chinese nationals to their countries, following charges of scamming investors of $33 million, which was reportedly used to purchase fake bitcoins.

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The Philippine Bureau of Immigration (BI) has deported South Korean and Chinese nationals to their countries, following charges of scamming investors of $33 million, which was reportedly used to purchase fake bitcoins.

Six suspects associated with the scam

According to a report by local media outlet Manila Bulletin, South Korean national Go Yongsung, 48, and Chinese national Lian Lilong, 36 were deported back to their respective countries by the Philippine government.

The duo was part of six suspects that have been charged with exploiting South Korean investors with a pyramid scheme; the victims were promised large returns that never came to fruition.

The report revealed that the culprits collected roughly $33 million between December 2015 and June 2016. The four other suspects, all Chinese nationals, are yet to be located.

Go is expected to be charged with large-scale fraud by the South Korean government, while his Chinese counterpart Lian is facing charges for involvement in economic crimes from his government.

The passports of the duo have been revoked which enabled the Immigration Bureau to arrest them on charges of undesirable and undocumented aliens.

Immigration Commissioner Jaime Morente warned the international criminals hiding in the country that they would eventually get to them at some point. When arrested, the criminals would be deported back to their countries, he added.

Crypto pyramid schemes still rampant

Pyramid schemes involving cryptocurrencies still persist around the world, despite efforts put in place to educate people about such type of investment. Some schemes involve actually buying crypto, while others merely use Bitcoin as a buzzword to pique investor interest.

Seoul-based Shinil Group wove an elaborate tale, claiming to have discovered an old Russian cruiser that contained $131 billion worth of gold. Those who invested in their Shinil Gold were promised a share of the treasure.

The company was able to raise over %50 million without providing any evidence of gold, or any other value in the wreck.

Earlier this year, authorities in the Philippines arrested a couple who were accused of scamming investors $17 million after promising them a 30% return every 15 days, supposedly through buying Bitcoin.

A cryptocurrency mining company in Vietnam, Sky Mining made away with a total of about $35 million after it promised its investors a ridiculous 300% annual return on investment.

In November 2017, seven South Koreans were arrested by authorities in the country after it was discovered that they stole $38 million from investors over two years. Their scheme promised investors a return of 200%.

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