South Korean Wanted In A $33 Million Bitcoin Pyramid Scheme Deported From Phillipines

Oct 6, 2018 at 15:41 Update Date :Oct 6, 2018 at 15:41 UTC

The Bureau of Immigration of the Philippines had requested the expulsion of a South Korean national who is wanted in South Korea over his involvement in a bitcoin fraudulent business scheme.

Identified as Go Yongsung, the South Korean was arrested in the city of Las Pinas. As indicated by Jaime Morente, a Bureau of Immigration Commissioner, the capture was directed by the Fugitive Search Unit of the government agency. A warrant had already been issued by a regional court in South Korea for his arrest prior to his capture, as indicated by Manila Bulletin.

As per documents obtained from the authorities, Go and other accomplices defrauded South Koreans of over US$33 million by promising huge returns if they invested in bitcoin between December 2015 and June 2016. As indicated by the authorities Go, who is 48, used a firm which was working in Pasay City as a front in his fraudulent scheme.

After the arrest, Morente warned that the bureau would not relent in its efforts to ensure that criminals faced justice regardless which jurisdiction they committed out their crimes in.

“We emphasize our warning to foreign criminals who are hiding away in the country. The long arm of the law will eventually catch you and we will send you back to your homelands so you will be meted discipline for your violations,” said Morente.

Other than the South Korean national, the Bureau of Immigration of the Philippines also caught another fugitive justice, a Chinese national, named Lian Lilong. The Chinese national who is also set to be expelled, was, however, on the run for unspecified economic crimes.

A year ago in November, seven South Koreans were also arrested in Jeonbuk Province for running a Ponzi scheme which produced roughly US$38 million over a period of under two years.

The scheme had started operations in January 2016 and mainly targeted middle-aged investors. As per the police, almost 4,000 investors lost their money to the fraudsters.

Leave a Reply

Please Login to comment
Notify of