China arrests 44 in $140-M online scam

China’s police have arrested 44 people over a scam which saw many as 93,000 people contribute start-up capital to “unfreeze” assets smuggled overseas when the Nationalist government was overthrown in 1949, police authorities said late on Thursday.

The criminal network used Wechat and other communication tools to encourage people to pay 10 yuan ($1.46) for membership in a scheme which promised returns of as much as 50,000 yuan ($7,280) once the assets were unfrozen, the Ministry of Public Security said in a notice on its website.

The ministry said that it had busted a total of 15 criminal groups involved in the scam since investigations began in October 2016. The fraud involved more than 950 million yuan ($138.34 million).

The public security ministry said earlier this month that it had already set up 32 provincial and 206 city centers dedicated to cracking down on online and telecom fraud. It said it uncovered 83,000 cases last year, up 49.6 percent compared to 2016.

source: interaksyon.com

350 foreigners nabbed as authorities crack Internet fraud ring

MANILA, Philippines -- More than 350 foreigners, mostly Taiwanese and Chinese, were arrested Thursday by agents of the Criminal Investigation and Detection Group and the Presidential Anti-Organized Crime Commission in what authorities called the “biggest and most resolute operation” against cybercrime.

Among those arrested were the alleged financiers of the Internet fraud ring, Filipino-Chinese Maria Luisa Tan and Johnson Tan Co.

CIDG Director Samuel Pagdilao Jr. said the suspects were arrested during raids on more than 20 homes in subdivisions in Quezon City, Manila, Marikina, Cainta and Antipolo Cities Thursday morning.

CIDG deputy director for operations Senior Superintendent Keith Singian said the suspects would call potential victims in China over the Internet and, posing as Chinese police, tell them their bank accounts were being used to launder money for terrorist activities.

They would then advice their victims to transfer their funds to a “safe account” the fraudsters would provide.

Most of the victims, said Singian, would comply out of fear.

The modus operandi used to be common in China until authorities cracked down in 2010, driving crime rings to move their operations overseas and rely on the Internet to dupe their victims.

On May 27, authorities also arrested 37 Chinese for a similar scam.

All the suspects arrested Thursday were brought to the Police National Training Institute (PNTI) in Camp Vicente Lim, Laguna where cases for violation of the Access Device Act are being readied against them.

source: interaksyon.com