The local police of the Philippines have uncovered a fraud crypto investment scam going under a special licensed company, Grapefruit Services Inc. This firm is a legal service provider of Golden Millenial Quickpay Inc Ltd. It is an offshore crypto company that operates with the license of the Cagayan Economic Zone Authority (CEZA).
The Chinese Embassy tipped the local authorities on the firm tricking the investors in mainland China. Later the officials raided the offices of the Grapefruit Services Inc in Pasig City. Earlier on September 11, the Bureau Immigration agents arrested all the 277 Chinese nationals employees of the company for deceiving investors.
Grapefruit is authorized as a Ceza locator, however, it is operating in Metro Manila that is outside its economic zone. Consequently, the firm violated the financial laws of the Philippines. Moreover, the Ceza officials are yet to answer in this case.
Crypto Investment scams and frauds have become an integral part of the cryptocurrency world. Earlier in August, more than 100 Australians fell prey to a crypto scam in Australia. The Queensland police charged five people for running a cryptocurrency scam worth $2.7 million. From 2017, the scammers contacted victims asking to invest in Exmount Holdings Group. The scammers offered the investors a trial investment with a promise of significant returns. Also, the investors got their log in details for the website as per the source.