Philippines Orders Deportation Of $33 Million Bitcoin Pyramid Scheme Mastermind

By Kapil Gauhar

The Bureau of Immigration of the Phillippines ordered the extradition of a South Korean national who is wanted in South Korea over his inclusion in a bitcoin fraudulent pyramid scheme.

Distinguished as Go Yongsung, the South Korean was captured in the city of Las Pinas. As indicated by a Bureau of Immigration Commissioner Jaime Morente, the capture was led by the Fugitive Search Unit of the government agency. A warrant had been issued by a district court in South Korea for his capture preceding his arrest, as per Manila Bulletin.

Clampdown On Fugitives of Justice

After the capture, Morente cautioned that the bureau would not yield in its efforts to make sure that criminals faced justice regardless of which jurisdiction they perpetrated their wrongdoings in.

Morente said, “We reiterate our warning to all foreign criminals who are hiding in the country. The long arm of the law will eventually catch you, and we will send you back to your homelands so you will be meted punishment for your crimes”.

Other than the South Korean National, the Bureau of Immigration of the Philippines additionally caught another fugitive of justice, a Chinese national. The Chinese national named Lian Lilong who is also set to be deported was on the run for unspecified economic crimes.

Unsustainable, But Guaranteed Returns

As CCN has announced beforehand, two or three bitcoin pyramid schemes have been uncovered in South Korea in the last couple of years. In April 2018, for example, two anonymous individuals were fined millions of dollars by a court in South Korea for operating such a fraudulent scheme and generating around US$24 million in the process from clueless financial specialists.

A year ago in November, seven South Koreans were additionally captured in Jeonbuk Province for running a pyramid scheme which produced roughly US$38 million over a time of two years. Much the same as with most bitcoin fraudulent schemes the world over, the scam that the seven were operating was promising financial specialists ensured returns of up to 200%.

The scheme had begun operations in January 2016 and for the most part, focused on middle-aged investors. As per police, about 4,000 financial specialists lost their cash to the fraudsters.