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Lawmaker wants probe on Php 900 million bitcoin investment scam

Sen. Sonny Angara (Photo credit: www.senate.gov.ph)

Sen. Sonny Angara will be asking the Senate to investigate on the alleged Php 900 million bitcoin investment scam following the arrest of the Criminal Investigation and Detection Group on the couple Ordonio.

According to Angara, he wants to know how massive the alleged scam has gone already and if there is a need to reinforce laws to combat it.

Arnel and Leonady Ordonio allegedly owns the company New G, which was able to victimized thousands of Filipinos through investing in bitcoin.

Chief Supt. Roel Obusan, chief of the PNP-CIDG said that the couple’s modus was to ask their victims to invest on bitcoin, promising them of a 30 percent interest in just 16 days.

Obusan added that they were able to fool a lot because they usually pay the interest at first, and then stop communicating with them; a classic case of estafa and or pyramiding.

Meanwhile, based on the studies of the Asian Development Bank, the country has yet to develop a strategy on financial education.

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