Korean arrested over bitcoin investment scam — BI

The Bureau of Immigration (BI) has arrested a Korean wanted in his home country for large-scale fraud in connection with an alleged bitcoin investment scam.

The bureau on Thursday announced the arrest of Go Yongsung, subject of an arrest warrant by a Korean district court, at his residence in Las Piñas City last September 25.

Go, 48, allegedly conspired with five others in defrauding other Koreans of more than 37 billion won (US$33 million) in a supposed pyramiding scam, using a company they operated in Pasay City as a front, the BI said, citing documents from Korean authorities.

"They allegedly managed to swindle their victims by promising that their investments would earn huge profits if they buy bitcoins that were non-existent and had no value," the BI said in a press statement.

Go will be deported.

The bureau also announced that it will be deporting Lian Lilong, a Chinese national allegedly involved in economic crimes.

The 36-year-old was arrested on Monday, October 1, at the Lido de Paris Hotel in Binondo, Manila, the BI said. Four of his alleged cohorts are subjects of a manhunt by Immigration operatives. — BM, GMA News