POLICE have rounded up nearly 500 people, including eight foreigners, who were running a multi-million dollar online stock trading scam operation at a call center in the Clark Freeport Zone in Angeles City, Pampanga.
Eight male Israelis together with 232 male and 242 female Filipinos were arrested Tuesday at the International Brandings Development Marketing, Inc. (IBD).
The IBD modus operandi is to invite foreigners online to trade on stocks and then steal their bank account and credit card information, according to Philippine National Police-Anti-Crime Group (PNP-ACG) head Chief Superintendent Marni Marcos Jr.
The scam was generating for IBD up to $1 million in profit per day from victims.
IBD call agents were caught in the act of transacting with “clients” from Europe, New Zealand, Australia, South Africa and Russia when the company’s premises were raided, revealed PNP chief Director General Oscar Albayalde during the presentation of the eight Israelis to the media.
The PNP-ACG raided the IBD call center in response to complaints from Australian and South African victims.
The police were able to recover half a million dollars from the raid.
Charges of syndicated estafa and violation of Sections 4 (a)(5) and 5(a) of the Republic Act No. 10175 or the “Cybercrime Prevention Act of 2012” are to be filed against the suspects.