A 37-year-old man allegedly involved in a cryptocurrency investment scheme called “Ploutos Coin” in Cagayan de Oro City and other parts of Mindanao was arrested in Pasay City on Tuesday, March 10, 2026, for multiple counts of syndicated estafa.

The Criminal Investigation and Detection Group (CIDG) said the suspect identified as alias “Mark” was arrested by virtue of 19 warrants – for 12 counts of syndicated estafa, two counts of large-scale swindling, two counts of estafa in relation to Presidential Decree No. 1689, and eight counts of alleged violation of the Securities Regulation Code (RA 8799).

The arrest warrants were issued by the courts in Cagayan de Oro City, Misamis Oriental, and Zamboanga City in 2019, 2020, and 2025, respectively.

Of these charges, 10 are non-bailable.

CIDG said the suspect was tagged as the most wanted person in the country with P400,000 reward for his arrest.

Authorities said the suspect was the founder of a trading club launched at a mall in Cagayan de Oro City on July 8, 2018, and is allegedly involved in the investment of “Ploutos Coin,” a kind of cryptocurrency similar to bitcoin.

CIDG said the suspect reportedly received millions of investments after he allegedly promised his investors huge returns.

However, several investors complained and even filed charges in court after the suspect allegedly failed to keep his promise.

Authorities added that some of the victims include both retired and active police officers.

CIDG said a few days after the trading club was launched, the Securities and Exchange Commission (SEC) posted flagged the group and its virtual currency product “Ploutos Coin.”

SEC said the club is not a registered with its office and is not authorized to solicit investments from the public.

“The scale of the scam was very significant - involving millions of pesos from thousands of victims and members across the Visayas and Mindanao- most dominantly in Cagayan de Oro and Zamboanga. Investors included a wide range of individuals, notably retired and active police officers who poured their savings into the scheme,” CIDG said.