In the Philippines, 277 People Arrested on Suspicion of Cryptocurrency Fraud
As it became known, the Philippine police raided the office of Grapefruit Services Inc. The company is suspected of cryptocurrency fraud. Investors from China became victims of crooks. A local news publication writes that representatives from the immigration bureau, anti-corruption commission, and national police broke into the Grapefruit Services office in Pasig with a search. The raid was based on the appeal of the Chinese embassy, which says that fraudsters have already fooled thousands of people. Immigration Commissioner Jaime Morente said law enforcement authorities arrested 277 people. They are all Chinese citizens and work illegally in the Philippines. According to insiders, Grapefruit is the official representative of Golden Millennial Quickpay, licensed under CEZA. Recall that the Philippine authorities allow cryptocurrency companies to work there. However, law enforcement authorities claim that the company provided services outside the specified zone, therefore, violated the country's financial laws.