Monday 17 December
Apr 12, 2018 @ 17:21

New tech, same modus: PNP shows how the Ordonios scammed P900M from ‘bitcoin’ promise


They threw in a new magic word for a decades-old scheme.

The Philippine National Police (PNP) arrested couple Arnel and Leonady Ordonio in an entrapment operation done on Wednesday, April 4.

According to PNP chief Ronald Dela Rosa, the Ordonios duped more or less 50 people to bet a total of P900 million into bitcoin investments, riding on the current cryptocurrency hype.

The Ordonios made the pitch via their company called NewG, with the promise of a 30 percent return and payouts every 15 days.

Investors may invest P90,000 and P160,000 per slot, the Philippine Daily Inquirer said. However, the scheme looked like the usual pyramiding scheme which requires one to bring recruits — called “downlines” in order to make gains.

The PNP’s Criminal Investigation and Detection Group has filed estafa charges against the Ordonio couple, which may be upgraded to economic sabotage.

Bitcoin has been generating much buzz lately due to its rapid appreciation in value even as it remains unregulated by authorities.

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