MANILA — The Department of Justice (DOJ) on Thursday began the preliminary investigation on the estafa charges against a couple accused of amassing almost PHP900 million after luring investors to pour money into cryptocurrency.
The couple, Arnel and Leonady Ordonio, failed to attend the proceedings while 10 other respondents submitted their counter affidavits before Assistant State Prosecutor Charlie Guhit.
The Ordonio couple, together with 34 other respondents identified by 28 complainants, are facing syndicated estafa charges.
Police arrested the couple in an entrapment operation in Ilocos Sur last April 4.
The couple, through their company NewG Bitcoin, allegedly lured about 50 people to invest in bitcoin.
Under the scheme, the investors were promised a 30-percent return of investments with pay-outs every 15 days. It is similar to the pyramiding scheme where there was an upline or the one who asks people to invest, and a downline, the one who invests. Investors had the option to invest PHP90,000 and PHP160,000 per slot.
The next preliminary investigation is on May 24. (PNA)
