Angara eyes Senate probe on Bitcoin scam

Images from KDN Files/ DWWW Facebook post
  • Senator Sonny Angara is planning to launch an investigation into the Bitcoin scam
  • The lawmaker said he wants to determine how vast the network of the scam has become
  • Angara also wanted to know if new law is needed to address the lack of financial literacy among Filipinos

MANILA, Philippines – Saying financial literacy is the answer to avoid people falling victims to the illegal scheme like the cryptocurrency scam masterminded by a young couple, Senator Sonny Angara is planning to launch an investigation in the Senate to look into the matter.

Angara said among the target of the probe is to determine how vast the network of the Bitcoin scam has become and if there are other victims other than those who have already come out.

Early this month, operatives of the PNP Criminal Investigation and Detection Group (CIDG) a******d in Vigan City last week Arnel Ordonio, 27, and his wife Leonady Ordonio; owners of NewG Investment Company offering investment to client with a promise of a hefty return in just a short time.

CIDG chief Supt. Roel Obusan explained the couple would lure their prospective clients to invest, say P1-M, and promised them 30% interest in just 16 days.

There are at least 50 people who have claimed to have been victimized by the Ordonio couple and the PNP estimated they have amassed a total of P900-M in ‘raw capital’ in cryptocurrency within months.

Angara said he is also studying whether a new law is needed to be introduced to combat the prevalence of such scam, which is similar to pyramiding and networking.

As per ABS-CBN News, Philippines ranked poorly, only second to the last in Southeast Asia, as revealed in the 2015 Mastercard Financial Literacy Index. According to the Asian Development Bank, the Philippines still lacks national strategy on financial education.

Meanwhile, charges of syndicated estafa has been filed against the suspects and 23 other “uplines” before the Department of Justice, but the CIDG is mulling to upgrade the case to economic sabotage.