THE Bureau of Immigration (BI) said they arrested a South Korean fugitive wanted in Seoul for duping his fellow Koreans in a multi-million dollar pyramiding scam. The suspect identified as Ma Yoonsik, 45, a South Korean citizen, was arrested on March 29 by BI Fugitive Search Unit (FSU) in Las Piñas City.
Ma, who is facing a large-scale fraud case in his home country, is a subject of an international police (Interpol) red notice.
The Korean embassy wants Ma deported to Seoul to stand trial for the cases filed against him November last year.
Immigration Commissioner Jaime Morente said Ma conspired with six other Koreans in establishing a company in Pasay City to operate the pyramiding racket that duped hundreds of victims in the Philippines and in Korea.
Investigation revealed that Ma and his co-conspirators lured the victims to invest in their business by promising huge returns on their purchase of a so-called Hedge Bitcoin that actually had no financial value.
Ma has been detained at the National Bureau of Investigation (NBI) while awaiting his deportation hearing.
Morente said the Korean national will be placed in the BI’s blacklist to prevent him from re-entering the country. (SunStar Philippines)