Philippines Extradites the Swindler behind the $33 Million Bitcoin Fraudulent Conspiracy

The Department of Immigration in the Philippines has commanded the expulsion of a South Korean citizen who is needed in South Korea due to his participation in a bitcoin fraudulent business model.

Recognized as Go Yongsung, the South Korean was captured in Las Pinas town. As per an Immigration top official, Jaime Morente, the capture was led by the Outlaw Pursuit Division of the administration organization. A warranty had just been dispensed by the ward court in South Korea for his capture as detailed by a national newspaper.

According to the records got from the experts, Go Yongsung his partners in crime swindled the residents of South Korea more than $33 million by assuring colossal earnings in the event that they put resources into BTC in-between the months of Dec 2015 and June 2016. As indicated by the investigators, Yongsung aged 48, made use of a company in Pasay Town to execute the scam, the company was working as a cover up for his fake plan.

Clampdown on Crypto Fugitives

Once the fraudster was captured, Morente cautioned that the immigration agency would not stop in its endeavors to guarantee lawbreakers on the run must be brought to book irrespective to which locale they perpetrated their wrongdoings in.

"We emphasize our notice to every single immigrant criminal who are concealing in the nation. The authorities will search far and wide and will soon catch-up with you, deport you to your country so you will be punished for your violations,"

 stated Morente.

Other than the South Korean national, the Department of immigration in the Philippines caught another outlaw who originates from China, called Lian Lilong.  The Chinese national who is also hiding in the country will be deported once caught by the immigration authorities. He is a fugitive for unspecified monetary wrongdoings.

Unrealistic Assured Earnings

As some media houses have earlier revealed a number of bitcoin fraudulent business models which have been uncovered in South Korea in the previous couple of years. For example, in April 2018, two anonymous people were penalized a huge amount of dollars by a court in South Korea for running a fraudulent scheme and swindled around $24 million from clueless financial specialists.

A year ago in Nov, 7 South Korean nationals were likewise captured in Jeonbuk Area for operating a Ponzi conspiracy which produced roughly $38 million within two years. Similar with most bitcoin fraudulent business models all through the globe, the conspiracy that the 7 individuals were operating, promised financial specialists a return of over 200%.

The conspiracy begun operating in Jan 2016 and essentially focused on moderately aged financial specialists. As indicated by police, about 4,000 financial specialists lost their cash to the scammers.

2 years ago

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