31 nabbed for online investment fraud

February 13, 2019

AGENTS of the Philippine National Police - Anti-Cybercrime Group on Tuesday arrested 31 suspects in a multi-million dollar online investment scam.

PNP-ACG director Chief Supt. Marni Marcos Jr. told the Journal Group that the Securities and Exchange Commission is conducting an investigation against the scammers amid complaints from numerous victims in the country and abroad.

Marcos said that six of the suspects — three males and three females — were arrested in a raid at the Roses 4U Back Office located at Unit 6 of GM Caldo Bldg. in Molino-Paliparan Road, Dasmariñas City, Cavite.

Another 25 suspects composed of 22 females and three males were arrested in a second raid at the syndicate’s office located at Unit 803 of the Biopolos Bldg.  at 24 Diosdado Macapagal Boulevard in Pasay City.

The official said two groups of PNP-ACG operatives conducted the raid in coordination with the SEC and the Anti-Money Laundering Council represented by lawyers Darius Canullas and Oliver Leonardo at 3:30 p.m. on Tuesday.

Seized by PNP-ACG operatives led by Chief Insp. Joven Gerong in a raid in Cavite were computer sets, bundles of Globe, Smart and TM Subscribers Identification Module (SIM) cards and other documents.

The second operation led by Chief Insp. John Paras in Pasay City netted 25 suspects and 56 computer sets, a laptop computer and other evidence.

Marcos said that the recovered digital evidence has been preserved and will be subjected to a forensic analysis by his office as part of their ongoing investigation into the fraudulent activities of the Roses 4U Back Office.

“We have received complaints from numerous victims, including foreigners. At least two of them are Malaysian nationals who lost around US$1.3 million to the syndicate,” he said.

Officials said they are investigating reports that the suspects are working for Israeli-operated boiler rooms in Asia and Eastern Europe believed to have stolen billions from their victims.

“They entice their victims to invest in stocks, oil and other lucrative deals and will even show proof that their investments are growing. However, their victims will soon realize that their precious money is gone after months of dealing with the syndicate online,” Marcos said.