Authorities arrested a 23-year-old Filipino for allegedly stealing Php100 million from clients using a cryptocurrency scam.
Self-proclaimed “crypto king” Vance Joshua Tamayo and his companion, Gerome Laries, were arrested in front of a casino complex along Aseana Avenue in Barangay Tambo, Parañaque last September 13. The arrest was made by the Criminal Investigation and Detection Group (CIDG).
The entrapment operation, led by the National Capital Region field office, was done after a complaint they received from a Makati City businesswoman.
The entrapment operation was first set up in Makati on Tuesday night, but the two managed to escape. The operatives were able to successfully capture them on a follow-up operation a day later.
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In their investigation, the CIDG said that Tamayo is introducing himself as a cryptocurrency genius and luring clients by promising high investment returns.
According to CIDG legal division head Col. Thoman Valmonte, he would convince people to invest in him, claiming that he has a legitimate business in cryptocurrency, and offering a monthly investment rate of 4.5%.
The authorities have received complaints from at least 10 people, who collectively lost over Php100 million from Tamayo, with one of them losing Php11 million.
Valmonte explained that the suspect would initially provide a return on investment for a few months, but would later end its communications with the victims.
Both Tamayo and Laries were arrested and held for large-scale estafa.