The National Capital Region Police Office (NCRPO) of the Philippines, in collaboration with the Securities and Exchange Commission (SEC) and the Philippine Amusement and Gaming Corporation (PAGCOR), conducted a raid on the Century Peak building, also known as the New Dingcai building, in Manila, dismantling a "love and cryptocurrency scam" hub and arresting 116 employees.
According to reports, the suspects include 47 Filipinos, 35 Chinese, 24 Indonesians, and 10 Malaysians.
The fraudsters established relationships with victims, particularly targeting European groups, and then lured them into investing in cryptocurrencies.
The suspects deceived victims with information, while employees of different nationalities communicated with the victims using translation software, leading them to believe they were interacting with locals.
In another operation in the same building, police also rescued five Chinese citizens who were illegally detained. One relative reported that their family member had been missing for several days and was found with bruises. The police are investigating the source of these injuries.
The police have called for strengthened regulation of cryptocurrencies.
