South Korean accused of swindling arrested in Las Piñas

Bureau of Immigration (BI) operatives have arrested a South Korean fugitive wanted for swindling a compatriot in an investment scam.

Kim Youngho was arrested by operatives from the bureau’s fugitive search unit (FSU) on Tuesday at his residence in Barangay Almanza Uno, Las Piñas City, the BI said on Wednesday.

The BI said that Kim had been hiding in the country for more than two years and was already overstaying at the time of his arrest.

Citing information provided by the South Korean Embassy, BI-FSU chief Bobby Raquepo said that Kim, who owned a futures trading company in Korea, conspired with two other suspects in swindling a Korean of more than 137 million won or nearly US$122,000.

Kim and his cohorts allegedly enticed the victim to invest his money on the promise that his investment would triple in value after it is traded in the futures market.

"However, instead of delivering on their promise, the suspects absconded with the victims’ money and fled to China in May 2015 and then to Manila a few weeks later,” Raquepo said.

Kim’s accomplices, who remain at large, are now the subject of a continuing manhunt by the BI.

The BI said Kim is currently detained at the BI jail in Camp Bagong Diwa, Taguig, pending his deportation to South Korea where he is wanted by authorities for the crime of embezzlement. — Virgil Lopez/RSJ, GMA News