Published: Tuesday 10 April, 2018

Bitcoin Scam Victims Duped of P900 Million in ‘Investments’, 2 Suspects Arrested

Another large-scale investment scam has been uncovered, this time in cryptocurrency. Bitcoin scam victims complained they were allegedly duped of millions of pesos of hard-earned money by Arnel Ordonio and his wife Leonady Ordonio.

The Ordonio couple are allegedly the masterminds of the Bitcoin scam. Victims were promised sizeable returns on investments with a minimum amount of P90,000. Initially, the dividends were regularly paid thus prompting the victims to recruit friends and family members to invest. But, as the investments got bigger, the scammers became scarce. Soon, the Ordonios could not be found.

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Bitcoin Scam Modus

The Bitcoin scam follows the same pattern of other investment scams we’ve heard before. Scammers promising huge dividends on investments which the victims receive on time in the first few months. Soon, friends and family members join in, sometimes investing lifetime savings to maximize the ‘profit’. It is only later when the dividends dry up that they find out they have been duped.

Arnel Ordonio and Leonady Ordonio, registered owners of NewG Bitcoin Investment Trading, were arrested in Vigan, Ilocos Sur on April 4 after some of their victims from Malolos, Bulacan notified police of their plight. 

News of their arrest prompted other victims to come forward. Some said they were duped of millions. One victim said their group plunked in P11 million, and were supposed to reap as much as P300 million.

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The Ordonio couple now face syndicated estafa charges.