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It has been reported that around 277 Chinese was arrested in the Philippines following a tip from the Chinese Government that a cryptocurrency scam has been operating in one of the Philippines’ special economic zones.


The company under investigation is Grapefruie Services Inc., an authorized service provider for Golden Millennial Quickpay Inc. Ltd., an offshore company providing cryptocurrency service that is licensed to operate in the Philippines by the Cagayan Economic Zone Authority (CEZA).


The raid and subsequent arrest was conducted under the supervision of Immigration agents and were assisted by the Philippine Presidential Anti-Corruption Commission, the Philippines National Police’s Integrity Monitoring and Enforcement Group and the Chinese Ministry of Public Security.


Grapefruit was found to be operating outside of the zone in which it is licensed to conduct business which prohibits them from operating as an investment company, or as a securities broker or dealer.


[Initially, the raid was conducted to arrest only 4 individuals but the Philippines authorities arrested 273 more Chinese citizens after they are caught in the act of conducting illegal online operations.](https://www.ccn.com/277-chinese-arrested-crypto-scam/)

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