Philippine police arrest 99 in crypto fraud center raids
The Philippine police arrested 99 people in a raid in Parañaque City, busting a fraud center for alleged cryptocurrency and romance scams, Bitcoin.com reported. Among those arrested were the company's managers, owners, and supervisors. Police investigations revealed that the company used employees posing as wealthy models to lure victims into investing in fake cryptocurrency platforms. The company involved was not registered with the Philippine Securities and Exchange Commission and the employees said they were forced to participate in the scam. Those involved will now face charges under the Cybercrime Prevention Act of 2012 and Philippine securities regulations.
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