277 Chinese were arrested in connection to an online investment scam that has victimized a considerable amount of people. The arrests happened after a raid by the police in the Ortigas financial district in Manila. It was the Chinese embassy that provided vital information about the fraud and those involved in it.
The official statements says that more than 1000 Chinese have been deceived by the scam. Shakedowns devised by the Chinese in neighboring countries are usually catered to users in mainland China since the forex situation in China is quite different from the rest of the world and online gambling is absolutely prohibited. Just last year, the Chinese embassy claimed that many of its citizens have been recruited, illegally, to work in the Philippines gambling industry.
Concerning this latest development, the Chinese government has canceled the passport of the 277 scammers, which in turn has made them illegal workers in the Philippines. They will promptly be send to immigration jail before being deported back to mainland China were they will face serious repercussions for their actions.
In recent times, the Chinese government has been cracking down on similar operations throughout Asia, where Chinese nationals seek work within the online gambling/forex industry, and a portion of these nationals dabble in illicit operations. The embassy of China has said that illegal Chinese money was flowing into the Philippines where many laundering operations were set up among other similar criminal activities.