In short: Philippine National Police rescued over 1,000 victims of human trafficking who had been forced to work in cryptocurrency scams for up to 18 hours a day. Authorities arrested 12 suspected ringleaders, including seven Chinese citizens, four Indonesians, and a Malaysian, who will face charges of human trafficking. The gang are believed to have used fraudulent companies Colourful and Leap Group Co to recruit their victims, mostly from Asian countries. The workers were trained to engage strangers online, establish fake romantic relationships and encourage them to buy false cryptocurrency products or deposit their funds into bogus accounts.
Our quick analysis:
In a recent report, Philippine National Police (PNP) rescued 1,090 individuals who were forced to work up to 18 hours a day for cryptocurrency scams. The perpetrators, 12 suspected ringleaders – seven Chinese nationals, four Indonesians, and a Malaysian, were arrested and will face human trafficking charges.
The victims accepted job offers from the scammers after being enticed with free flights and accommodation. Upon arrival, their passports were confiscated, and they were made to work for long hours, with deductions from their salaries for interacting with colleagues or taking extended breaks.
The workers, mostly from Asian countries, were held captive to operate online scams, including luring unsuspecting individuals in the United States, Europe, and Canada into purchasing cryptocurrency or depositing funds into bogus bank accounts through fake romantic relationships.
The suspects operated under a fraudulent entity called Colorful and Leap Group Co. After arresting them, the PNP anti-cybercrime group found that they had trained the workers to promise a good future, including buying a house or car, investing money, or doing business together.
This is not the first crypto scam involving fraudulent romantic relationships, with victims losing millions of dollars in cryptocurrency investments and thefts. The PNP's swift intervention to rescue the 1,090 victims and arrest the scammers is worthy of commendation.
Hopefully, this will serve as a warning to scammers and put an end to this kind of inhumane treatment of people. As for the rescued workers, they can begin to rebuild their lives and pursue their dreams.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
In a recent report, Philippine National Police (PNP) rescued 1,090 individuals who were forced to work up to 18 hours a day for cryptocurrency scams. The perpetrators, 12 suspected ringleaders – seven Chinese nationals, four Indonesians, and a Malaysian, were arrested and will face human trafficking charges.
The victims accepted job offers from the scammers after being enticed with free flights and accommodation. Upon arrival, their passports were confiscated, and they were made to work for long hours, with deductions from their salaries for interacting with colleagues or taking extended breaks.
The workers, mostly from Asian countries, were held captive to operate online scams, including luring unsuspecting individuals in the United States, Europe, and Canada into purchasing cryptocurrency or depositing funds into bogus bank accounts through fake romantic relationships.
The suspects operated under a fraudulent entity called Colorful and Leap Group Co. After arresting them, the PNP anti-cybercrime group found that they had trained the workers to promise a good future, including buying a house or car, investing money, or doing business together.
This is not the first crypto scam involving fraudulent romantic relationships, with victims losing millions of dollars in cryptocurrency investments and thefts. The PNP's swift intervention to rescue the 1,090 victims and arrest the scammers is worthy of commendation.
Hopefully, this will serve as a warning to scammers and put an end to this kind of inhumane treatment of people. As for the rescued workers, they can begin to rebuild their lives and pursue their dreams.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!