The National Bureau of Investigation-Central Visayas (NBI-7) successfully arrested a man accused of operating a fraudulent foreign exchange (forex) trading scheme.
The suspect, identified as “Alias Glenn,” a resident of Lapu-Lapu City, was apprehended on January 15, 2025, inside a coffee shop along Escario Avenue in Cebu City.
According to NBI-7 Director Atty. Renan Augustus Oliva, the suspect allegedly enticed clients to invest ₱3,000 in exchange for a daily return of $5. However, once the transaction was completed, the suspect would reportedly block the clients on his social media accounts, leaving them unable to recover their funds.
Further investigation revealed that Glenn’s forex trading activities were unregistered. Two businessmen, who claimed to have fallen victim to the scheme, filed complaints with the NBI, leading to the arrest.
Glenn is now facing charges for violating the Anti-Cybercrime Prevention Act and the Securities Regulation Code under the Revised Penal Code.
Despite the allegations, the suspect denied the accusations, insisting that he, too, was a victim of circumstances.
The NBI emphasized its ongoing commitment to cracking down on fraudulent schemes and urged the public to verify the legitimacy of investment offers.
