5 Koreans Nabbed in PH for $2.9M Crypto Scam

MANILA, Philippines— Five South Korean nationals have been arrested in the Philippines for allegedly orchestrating a large-scale cryptocurrency scam that defrauded victims of over $2.9 million (roughly ₱170 million).

Immigration Commissioner Joel Anthony Viado said that the suspects were apprehended on November 16 by officials from the Bureau of Immigration's (BI) Fugitive Search Unit (FSU) during a raid on their homes in Alabang, Muntinlupa City.

The arrested suspects, Ha Doo-gyun, 25; Kim Jung-ho, 25; Lee Sun-yeob, 25; Kim Tae-min, 26; and Yun Song-wook, 22, are accused of operating a fake Bitcoin operation.

Authorities accuse the accused of operating a fraudulent cryptocurrency investment platform, defrauding hundreds of victims of over 4 billion won (about $2.9 million) in phony projects since 2023.

Viado stated that the operation was undertaken at the request of the South Korean government, which sought aid in tracking down and deporting the fugitives.

“These individuals are also the subject of Interpol red notices and are facing fraud charges before the Seoul District Court,” Viado added. The court issued warrants for their arrest on September 14.

Separate Arrest for Larceny

On November 15, BI agents nabbed another South Korean national, Park Suk-il, 57, at the Newport Mall in Pasay City.

Park, wanted for larceny, was earlier ordered deported in February 2015 for being classified as an “undesirable alien.” He is suspected of stealing building materials worth over 2.2 million won (about $1,576).

Ongoing Detention and Deportation Process

All six South Korean nationals are being held at the BI Warden Facility in Camp Bagong Diwa, Taguig City. They are awaiting deportation to South Korea, where they face outstanding criminal allegations.

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Further Reading

Final Thoughts

This round of arrests illustrates the Philippines' partnership with international law enforcement organizations to combat cross-border crime. With cryptocurrency scams getting more sophisticated, the crackdown serves as a warning to fraudulent syndicates and emphasizes the significance of remaining vigilant while investing in digital assets.