Philippines police have arrested eight Israeli citizens who they suspect of being the brains behind a massive Internet scam. A total of 474 people have been arrested in connection with the suspected online fraud.
According to reports, the scam involved millions of dollars' worth of fraudulent online investments and Bitcoin purchases.
Police suspect that the fraudulent "investment company" duped victims into believing they were buying stock in a profitable London company, then had them relay payments using an online app that gave the scammers access to their credit card and bank account information. The same scheme was active in Europe, New Zealand, Australia, Russia, and South Africa.
The fraud was exposed by the Anti-Cybercrime Group in the Philippines National Police, which proved that a company running a fraudulent trading scam was operating in the country. A number of victims from outside the country also reportedly traveled to the Philippines to report the scheme.
According to Police Chief Oscar Albayalde, the Israelis arrested in connection with the scheme are suspected of managing and operating the business, while the Filipino suspects allegedly communicated with and handled transactions from the victims.
Albayalde said this was one of the largest-scale crimes the Philippines had seen in recent years.
The arrests were made on Thursday when Philippines police raided three buildings in the capital Manila.
Footage put out by the Philippines police shows armed policemen and officers, as well as special forces, raiding a large office, calling "Hands up!" and warning suspects not to touch their computers.
The footage shows some of the suspects, including the Israelis, being led away in handcuffs.
