Philippines Nabs South Korean for Telecom and Trading Scam Fraud

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.

Could it be a Forex Trading Scam or a Crypto Trading Scam？

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.

Investing in the Philippines: Protect Yourself from Fraud

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:

• Do Your Research: Always check the qualifications of the investing business or broker. Use credible sources to verify their veracity.
• Beware of High Returns: If something seems too good to be true, it generally is. High returns with little to no risk are a warning sign.
• Check Regulatory Compliance: Make sure that the firm is registered with the right financial authorities in your nation.
• Seek Professional Advice: Before making any significant investment choices, consult with a financial adviser or a lawyer. You may also contact WikiFX support straight away if you discover anything that is too good to be true.

Kang Awaits Deportation

Kang is presently being held in the BI warden facility at Camp Bagong Diwa, Taguig City after his passport was revoked and he was declared an unauthorized foreigner.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.

Read the article below:

Philippines Crypto, Forex Scam Hub Raid, 99 Arrested

99 people were arrested as authorities raid a Philippines crypto, forex scam hub in Parañaque City, involving fraudulent investment and love scams.

Mga Balita 2024-08-22

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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!