PNP chief Dir. Gen.

Ronald Dela Rosa (at podium) presents to media Arnel and Leonady Ordonio who allegedly lured some 50 people to invest in bitcoin. Dela Rosa says the couple amassed around P900 million from the victims. INQUIRER.NET / JHOANNA BALLARAN Police have arrested a couple for allegedly scamming dozens of investors in bitcoins, Philippine National Police (PNP) chief Ronald dela Rosa said Tuesday.

Dela Rosa said members of the Criminal Investigation and Detection Group (CIDG) arrested Arnel and Leonady Ordonio last April 4 in an entrapment operation. The Ordonions lured around 50 people to invest in bitcoins and amassed some P900 million in “investments” in the cryptocurrency, Dela Rosa said in a press briefing at Camp Crame in Quezon City.

Dela Rosa said the couple promised the investors huge interests in a short span of time. CIDG chief Dir.

Roel Obusan said that using their company called NewG, the Ordonio couple promised investors a 30-percent return of investment with pay outs every 15 days. Obusan said the investment scheme was very similar to a pyramiding scheme wherein there was an upline, or the one who asks people to invest, and a downline, the one who invests. Read more from…

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