Police arrested on Monday night two Malaysians allegedly involved in a multi-million peso cryptocurrency investment scam.
A report on Unang Balita identified the suspects as Jason Tee Shing, 31 and Tee Yu Heong, 40.
The suspects were arrested while conducting a presentation with their investors, who helped police set up the entrapment operation.
The victims said the two Malaysians, allegedly representing a bogus environmental company called Goal Green Global, asked them to invest a minimum of P5,625.
The minimum amount of investment is equal to five threes that would be planted by the suspects' company.
The 10 victims who reported the scam to the police claimed they have invested millions of pesos in the Malaysians' company.
The Malaysians promised investors that every investment will be matched with carbon tokens, from which investors can supposedly earn millions in just three months.
"Yung sinasabing carbon token, walang guarantee na may value yun, na pwede mong i-kwan sa market," said Inspector Felizardo Laygo of the Philippine National Police-Criminal Investigation and Detection Group.
The victims became suspicious of the scheme after the two Malaysians asked for another injection of cash for a third time on the premise that the carbon token system glitched and could not be used.
The company also changed its name to Blockchain Forest Decentralized Application and began selling real estate properties, bags, beauty products in exchange for carbon tokens.
"Tingin ko alibi lang nila yun, alibi nila para hindi sila ma-corner, o hindi sila ma-force na magbigay noong prinomise nilang interest," Laygo said.
Laygo said the suspects admitted that they are the founders Goal Green Global and that they may have used their Filipino counterparts for their scam.
Authorities recovered P50 million from the suspects, but they suspect the Malaysians were able to cart more from the company's other investors abroad.
The two Malaysians are facing estafa charges.
Laygo warned the public to verify and research the companies they plan to invest in to avoid being victimized by such schemes. —report by Athena Imperial/Rie Takumi/ALG, GMA News