Photo courtesy of PNP
A supposed investment “command center” in Pasig turned out to be a full blown scam mill after authorities swooped in and arrested 63 individuals tied to an alleged online fraud ring.
The bust was led by the Philippine National Police Anti Cybercrime Group, working hand in hand with an inter agency team that included justice officials, regulators, and the local government.
At the center of the operation was a 55 year old foreigner known only as “Boss,” tagged by investigators as a key player running the show behind the scenes.
Operatives moved in on May 20 armed with a warrant to search, seize, and examine digital evidence, exposing what they described as a highly organized online investment scheme.
The group allegedly posed as a legitimate call center and financial advisory firm, complete with agents trained to pitch and sustain client interest.
Their product: a trading platform branded as “XTRADE,” where victims were coaxed into pouring in money while being guided by fake advisers who kept communication lines active.
Authorities said the setup was far from amateur, with teams assigned to marketing, client handling, and retention, mimicking the structure of a real financial services company.
But a check with regulators showed the operation had zero registration and no license to solicit investments, raising red flags after multiple victims came forward with losses.
The crackdown also uncovered that the alleged foreign mastermind was already wanted for tax related offenses, with an existing warrant served during custody.
Cases linked to cyber fraud are now being readied against those arrested, as law enforcers double down on efforts to shut down digital scam hubs preying on unsuspecting investors.
