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Abstract：The Philippines BI arrested a South Korean fugitive for telecom and trading scam fraud. This informative article teaches you how to avoid Forex and Crypto scams.
LAPU-LAPU CITY, Philippines— Immigration officials have seized a 32-year-old South Korean citizen sought in his native country for his role in telecommunications and trading scheme fraud. On August 14, 2024, the Bureau of Immigration's (BI) Fugitive Search Unit detained Kang Hyeunok in Barangay Mactan, Lapu-Lapu City.
Kang is accused of directing a sophisticated voice phishing gang that cheated victims out of more than US$840,000, or nearly P47.1 million. The organization reportedly operated by having telemarketers act as reputable bankers, duping victims into disclosing critical personal information. This information was subsequently utilized to carry out fraudulent activities, badly affecting the victims financially.
According to BI Commissioner Norman Tansingco, Kang has overstayed in the Philippines for more than four years, with his most recent reported arrival in July 2019. In October 2021, the BI issued a deportation warrant against him. Furthermore, Kang was the subject of an Interpol red notice issued by the Suwon District Court in Korea on September 13, 2019, cementing his position as a fugitive.
Kang's arrest serves as a reminder to people who trade Forex, Crypto, or any other kind of investment. Fraudulent schemes are common, and fraudsters often prey on the vulnerable. Before contributing your hard-earned money to any investment opportunity, you must first check its credibility.
Tips to Avoid Investment Scams:
Kang is presently being held in the BI warden facility at Camp Bagong Diwa, Taguig City after his passport was revoked and he was declared an unauthorized foreigner. He is awaiting deportation to South Korea, where he will face legal consequences for his actions.
Meanwhile, 99 people were arrested as authorities raid a Philippines crypto, forex scam hub in Parañaque City, involving fraudulent investment and love scams.
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As the Philippines tightens its grasp on fugitives and fraudsters, the public is advised to be attentive and educated. Individuals may prevent themselves from falling victim to such fraudulent operations by becoming informed of and educated about the current scams, especially those involving Forex and Crypto trading.
Protect your investments! Stay updated on the latest scams and safety tips by visiting the WikiFX News page. Stay vigilant, invest smart!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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